All Forum Posts by: John Spina jr

@Michael Rodrigues so a refinance would be you taking a new loan on the appreciated value of 254k, this give you the difference of instant equity of 60k for another investment. Would that be correct?

Also the HELOC would give you a separate line of credit that essentially matches your current equity. This does not effect your current equity but is a separate loan that is based on your current equity. Then you would make the payments on the HELOC, until you refinanced the the investment property to pay off the HELOC and let the cash flow accumulate. Would that be correct as well?

@Michael Rodrigues if you use the HELOC to pull the 80k out and let's say that covers the 20% down payment for an investment property. Doesn't your mortgage bill increase?

@Gini Vidal Hello my fiancee and I are getting ready to buy our first duplex. With house hacking in mind, would you mind telling me the terms of your loan and how they benefit you. Assuming your property cash flows, are you saving that money for a down payment on the next investment property? What would you suggest as my best approach before buying a duplex with the mindset of accumulating buy and hold rental properties?

I'm also looking into getting into fix an flips. I have a general contracting business that in looking to grow through REI. It sounds cliche but did you Google realty shares contact information or try to email a representative? As far as crowd funding, how do you plan on setting it up? I've never used crowd funding before do you plan on using it to gain capital to invest with out using your own money?

@Rocco Sen     @Dan Turkel   @Andres M.   @Joseph Pugliese  @Meti Kay  

@Jan Blaze  Since were all fellow Islanders, I would like to host a meet up on August 6th @ 12pm. Location TBD. It would be great to bounce some ideas an experiences off of each other. Inbox me or message me or tag me on this post for whoever is interested. 

Thank you @Tom Ott

 My experience is in general contracting. Ive been in and around the business of general contracting all my life. My father is a general contractor and has been in the business for over 35 years. Most of the work we do is in Staten Island. Currently I'm in the process of getting certified and insured in order or grow my business. Feel free to message me about any inquiries regarding estimates or work needed. My goal is to grow my business and acquire investment properties.   @Dan Turkel

@Andres M.

@Joseph Pugliese

@Jan Blaze

Bram Spiero,

I figured that paying it off sooner (contributing to the principal) in a short amount of time 15yrs, would help me

accumulate enough equity to borrow an put into the next rental property. I also thought it would be beneficial to

have the house paid off as soon as possible this way the rental income would be higher. 

JR.T -

I appreciate the advise, I do not want to leave the local, I pictured keeping it while building my portfolio over the 

years to come.  So once the banks see that there is additional income coming in, I will qualify for higher amount of credit. Instead of using the cash flow to pay off the initial loan; keep the cash flow and use it to reinvest into the next rental property.  Joe Villeneuve

What is it that the banks like about having that kind of "bad debt"?  I am not really understanding that term 100%. Does it mean that banks will lend you credit on a property as long as you can prove it cash flows? 

Hello everyone at BP! My fiancé and I are getting married in 2 years but plan on getting the house this year. We're planning on buying a duplex and getting a 15 year mortgage. The plan is to contribute towards the principle along with the rent coming in to pay it off sooner. One question I do have is how can we purchase more rentals while paying off the first one because one duplex alone will not help us achieve financial freedom.

I would suggest think hard about what you don't understand about REI. Write down some questions and keep them in the back of your mind until you have a conversation with someone more experienced that you.

I would say keep it of its cash flowing. As for the future, maybe try house hacking a duplex. That's my goal right now. My fiancé and I are saving for a down payment on a duplex. The plan is to get a 15yr note and contribute to the principle in order to pay it off sooner. Then leverage that into another duplex. Anyone subject to this? open to opinions