All Forum Posts by: Justin Tomsic

@Grant Schroeder

I will never turn down recommendations! Please, send over the info. Thanks that’s helpful I wasn’t aware that it out be out of state.

Hey guys I've decided to pull a HELOC from the equity in my primary to get started investing. Was curious if there's anyone you guys would recommend locally in Arizona for HELOCs based off of higher LTV they offer, lower interest rates, or a connection of yours. And while I'm at it, does the lender need to be in Arizona for a HELOC? Thanks!!

@Justin Phillips

It’s comforting to know that other people are thinking about similar ways of making their money work for them and working around the ups and downs of the markets. That sounds amazing, have to admit I don’t know what a zero balance sweeping checking account is though. I’d love to hear more about it do you have any specific lender you use?

@Chris Levarek

Wow don't tell her I said that! Haha going through my post I noticed a few auto correct typos throughout so thanks for still taking the time to read it. I would love some contacts to get more info/details on using a HELOC locally to see if it would possible in my situation. Thank you.

@Will Fraser

Thanks for the reply, the home we currently have now is a great home but not the best area. One thing to note that you mentioned was the future of the home, we don't plan on living here long term both of my wife and I are in agreement that we want to raise children somewhere else. We do believe our area to way overvalued at the moment that's why want to sell but then again we thought 300k was a lot and a few months later we're over 400k. This home would be great for a rental especially considering how much rent is in my neighborhood now. Homes are renting for $2000-$2300 for similar homes and mortgage for me right now is $1300. I believe this would probably be a really good route to go and be able to pullout equity or do a HELOC. I may have to do some research on who can help me with that locally because I have no knowledge about that but would love to ultimately keep it as a rental if I could still pull out equity. Seems like a no brainer.

The Phoenix area is growing like crazy, jobs housing development are being built at an insane rate.

And 12% APR staking USDC on crypto.com. I would like to convert $100k to the United States Dollar coin and lock it up for 3 months at a time for 12%.

Really appreciate the reply

Hey guys just a little background, I'm a first time owner, I've had my home for almost 2 years I refinanced recently to cut out PMI and lower interest rate 1%. Now that I'm coming up on 2 years and not having to pay capital gains from selling my wife and I are not sure which route to take in order to take advantage of the market. Right now our home is worth $400-420k and we bought it for 250k refinancing out us at 254k.

If we were to sell our home I want to park the cash into an account that will pay me 12% APR interest until it's a better time to buy. However we'd probably be downsizing to a 5th wheel temporarily on a family members property with a baby and 2 dogs.

I don’t know much about refinancing to pull equity from the home but I like the thought of being able to do that and keep the house and potentially put the cash into that same account paying 12% and waiting for market to cool down. If I was able to cash out refinance how much of the equity do you think I could get based on the numbers above? Thanks a lot guys if I’m leaving out any details let me know! I’m still a rookie here at bigger pockets, I want to eventually own a portfolio of properties and I believe either of these routes could get me there but selling and downsizing significantly would be rough. Thanks!

@Johnny McKeon

Congrats man that’s gotta be really exciting!! Especially having the empty lot to potentially build on as well. I’m also in AZ but way in the west valley. You mentioned you found this off market? Do you mind me asking how? I’m a complete rookie at the moment just saving money hoping to close on a deal this next year I’ve saved roughly 30k but that’s not much of a down payment for anything out here.

Hey guys I want to start saying I'm a complete rookie when it comes to investing at the moment. I currently have a home in Arizona and I'm financing approximately $240k and the home is worth roughly $300k, I'm curious if this is enough to potentially even consider a HELOC? I don't have great credit (just under 700) but I really want to get started investing I'm hoping I could pull about $30k from the HELOC to use as a down payment on a potential rental. Is this even being realistic? And if so could anyone point me in the direction to getting a HELOC initiated. If more info is needed let me know.. thanks guys.

Hey guys, want to start by saying I'm a complete noob to real estate, I've always had an interest in real estate and now I'm wanting to become an Investor so I spend a lot of time on Bigger pockets podcasts but I'm in a situation where I'm living at home with my mom but just purchased my first house, FHA style $249,000 in West PHX, AZ. I had the idea of just getting out and having my own home and later investing In properties once funds are more available through possibly house hacking this 4 bedroom I'm buying now. The property is new construction and is projected to be done by the end of Summer in 2019.

I’m wondering how I’ll be effected if the market tanks when I’m buying a new home and I’m not even locked into an interest rate yet? What’s the worst case / best case scenario? Would any of you consider losing the $5000 earnest money I put down in order for the home to be built due to signs of the market? Should I wait until the market tanks in order to buy a home?

And like I said I have no real estate experience whatsoever so any other ideas, suggestions, experience you might have would be greatly appreciated. Thanks guys!!!