All Forum Posts by: Jeremy Ballard

@Clay O.

I didn’t think so. But then again it being a investment property I wasn’t sure. Thanks a lot man I appreciate your advice.

@Clay O.

Yeah I would have to find the right property for sure. So if I bought the property cash, I would still have to wait a seasoning period before I could put a mortgage on it? I figured you could do it pretty quick since you have so much collateral.

@Clay O. Yeah I could. My wife wants to open a heloc now and finish our house with it. But I’m against that idea. It would just prolong investing. So I could open a heloc now, invest, do a rehab on a distressed property and then cash out my equity on the rental. Pay off my current heloc. Then use any left over money to finish my house. The reappraise it for more equity. Does that sound like a pretty solid strategy to you? Thanks for the feedback man.

So I really want to get started creating a portfolio. I’m currently building our primary home. We’ve been building as we can afford it and doing the work ourselves so it’s not done but we are living in it. Right now as it is it’s a 2 bed 1 bath and is 1200 square foot. It’s totally paid for at this point and I could open a heloc to invest. Or I could wait until I finish the home and open a heloc for a lot more money to invest. Once I’m done it will be 4 bed,2 bath, 2 car garage and it’ll be roughly 1800 square foot. What you you guys do???? Thanks a lot..

@Geordy Rostad

Yeah my plan is to BRRRR. I'm going to use the heloc to buy and renovate and then put a mortgage on the rental and pay off my heloc. I've ran the numbers through their brrrr calculator and if everything falls in order with the numbers the property will cash flow 622 per month. My renovation budget is my biggest concern. Like you said it won't leave much room for error.

I’m looking at a old 3 unit property. This will be my first rental investment. I’m considering opening up a heloc on my personal home to fund the deal and renovation. My biggest concern is the property was built in 1926. I will only have roughly 15g to renovate. It does have a new roof and one unit has been renovated in the last year. I’m meeting the real estate agent tomorrow to actually look at it. Any tips on what to look for and what questions should I ask?