All Forum Posts by: Joshua Batey

@Rafael Trinidad

Hi, I am new too. But I will tell you what I am doing.

I used a Cash Out Refinance.It allows you to pull up to 80% equity (100% for VA loans) based on the a new appraisal of your house.

For me it was good, due to me dropping from a 3.75% to a 2.65% interest rate. Rates are extremely low right now. I am pulling $31,000 of equity out of my house. But, for me, I will have to pay closing costs for the new loan. I am not sure if all lenders require that for a cash out.

Additionally, you can do a HELOC (Home Equity Line of Credit). For me this was not the best option, since I would be stuck with the 3.75% interest on my original loan. But the good thing about the HELOC is it is revolving. You can continually use/pay it for a set period. Then at the end of that period you pay it or renegotiate terms.

Go to your local credit union and tell them your plan.

-Josh

@Jason Krawitz I live about 45 mins away in Hopkinsville. I do not know any realtors up there, but I have been watching a few properties in Madisonville.

Since your post is from last year, did you end up investing there? How did it go? My current agent is trying to focus me on Oak Grove, KY. But the prices in Madisonville are appealing.

I just put my first offer in tonight, $17K below listing on a property in Hopkinsville. So, we’ll see if they want to see or not. Lots of renters up here, but not a lot of appreciation.

-Josh

I am extremely new to real estate investing. I am stationed at Fort Campbell and lived in Hopkinsville, KY since 2011. I will be stationed here for at least another 3 years. By that time, I would like to have a few rental properties.

I saw a few older post by members near this area. If anyone is still around I would love to connect and pick your brain if you have time.

Are there any meetups here?

- Josh