All Forum Posts by: Lance Leonard

@Cory Mccarthy would love to meet up soon !!!

As far as good tenants, both units in the property have been occupied by the same people for 5 plus years and they seem happy in the property. And they seem relatively happy with the place.

@Darius Kellar Thanks I wish I could have been in the market sooner, but I wasn’t in the right place in my life to do so. I’m not looking in highland as it’s still a fairly rural area, but more in the Fenton area as it’s growing pretty steadily. I appreciate the taking on of debt advice. That’s one thing that makes my wife nervous but she’s beginning to understand the premise. Good luck and keep up the success!

@John Binkley Speaking with my banker he suggested that getting a heloc for investment properties was frowned upon and might make it harder to get approved if they are aware of the reason for getting the heloc in the first place... I do understand the lack of interest being paid with the heloc.

@Kate Johnston Thanks Kate! I appreciate the thought.

Hello BiggerPockets!!!

I am interested in starting my REI career and found a deal that perked my interest.

I don’t have a ton of cash on hand but have well over $100k in equity in my personal home. Is it a bad idea to do a cash out refi on my personal residence for my first deal? Not really interested in taking all of the equity out, looking at around 50-60k. Any and all info is appreciated as I am new to this and looking to dive in!