All Forum Posts by: Julie Dillon

@Erik Gray I'm in contract for a duplex here in Springfield and I got to admit I got lucky. The market here is hot and good properties get scooped up fast. Lots of opportunities to buy in the lower price range of less than 80K but they are in rougher neighborhoods or at least the fringes of it. Flippers could do well here but I'm a turn-key investor so I might be speaking out of turn.

Hi Brittney, I started learning about real estate investing less than a month ago and I jumped in headfirst. We're from Vegas but my husband is working here in Springfield MO for 3 months so I looked at properties with a realtor and next thing I know...BOOM...I got an LLC and now buying a duplex. I'm no expert, in fact, I'm a stay at home wife who struggles with anxiety and depression, but I love real estate and I am so willing to learn. Don't let fear stop you but you're on the right track in wanting to learn from others. If you want to meet-up, let's do coffee or lunch here in Springfield and let's encourage each other!

Cory, is the reason you suggest putting the money back into the original loan because that interest rate is higher?

(Our quoted re-fi rate is 5.8%)

You're right...that money is tax-free! 

I just want to get the max benefit by using it wisely. We have enough cash on hand to pay closing costs, minor repair costs and the like.

About a month from now, I'll close on our cash-out refinance and get 50K but only need about 40K to buy our first investment property (a duplex). I'm not sure what to do with the extra 10K. It's a waste to just put it in saving so... is it better to put it into the duplex (the 40K is the 20% down on a commercial loan at 5.25% 20 year) so I have even more equity or roll it back into our original property. What's more beneficial from a tax standpoint?

Thanks! 

I did some reading...it looks like I can't sell my property while my Heloc is open. If I'm borrowing my own equity, how can I repay it when I've just shifted that money to buy a cluster of low-cost investment homes? 

Does anyone know of a way to payoff (close) the Heloc at the time of closing on my property where I pulled the Heloc money from?

Would it make sense to get a Heloc when I'm going to sell the house within a year? I dont know the costs associated with refinancing. The house is in a suburb of Columbus Ohio where equity shot up but signed a lease extension with my tenant till next spring. I owe $50K but Zillow has it valued between 135K-160K so conservatively, I should walk away with 70K+.  Would I even be allowed to open a Heloc when the house would be sold so soon after opening a line of credit? Dont banks want enough time to make money off me before I close the loan for good? Also, what's cheaper to borrow from...50K from a 403B retirement account or Heloc?

Thanks! 

I have a rental property that I can't sell till till next spring and it has about $70,000 in equity. I found some properties in another state that I want to buy now. I'd like to bundle them into one loan around the $250k to 300k range so I'm sure I'll need to put 20% down. I dont have cash on hand. My only other option (if it's even possible) is to borrow from my 403B retirement account. Anybody have any ideas or options? Can I borrow my own equity within a year of selling?

I'm a newbie at this. Any advise is appreciated.