All Forum Posts by: Lane Mobley

So thank you all for your replies. To the rate question @Jay Helms, I have not narrowed down which lender yet so that is obviously the next step after scouting rates. @Anthony Dooley I will talk to the lender once I choose. @Kerry Baird I will probably pay for the full appraisal because I have done significant upgrades to my property since I bought it in May of 2016. The full price should have gone up at par with the other nice properties in the neighborhood which are selling high. I like the "retain ownership/continue to grow" ability the HELOC investment would provide. Going towards that idea of velocity of money.

Hello everyone,

I was just wondering what would seem to make more sense. I own a quadplex with approximately 70k of equity. I am looking at utilizing a HELOC to put down a down payment on another property and financing the rest via traditional bank loan. The other option is to refinance and pull out equity and then invest that equity into said property. I am leaning more towards the HELOC option that way I avoid the high closing costs of a refi. Anyone have thoughts or personal experience in this?

Sherman Ragland just hit the nail on the head. Flood insurance! This can make or break you getting rid of this property quickly, and if you are selling to an investor, this can make or break the deal. Do some serious research Erik Peddle. Good luck to you!

Michael Enriquez congratulations! That was a huge step you just took. The place looks great. You said you scoured the MLS for this property, did you search the prices paid for this property in the past? A helpful small tip, is usually your county will have a website for their tax assessor where you can research the last paid price. This becomes powerful when negotiating over price. Your income seems good but do you have an HOA? Are you going to be house hacking? How do you use this property for your future portfolio building? Dude you are going to learn quickly how to start dealing with tenants, definitely read Managing Rental Properties by Brandon Turner and Heather Turner. Good luck!

Anyone have a good eviction lawyer or firm in Georgia? 

@Julie Thevenow, wow that looks great! How well does it hold up and have you used it for a while? How much were you paying sq/ft? Would you recommend it?

Congratulations! What part of India? How does the market there and buying differ from the States?

So then how do i find an engineering firm to co duct my assessment for cost segregation? Will any engineering firm know how to do it correctly? And if i am house hacking (owner occupant) in one of my four units does that change things?

So what things did your CPA need to conduct the cost segregation? Names, ages, sn's of appliances, fences, etc? How did the deduction schedule work?

BJ Henderson congrats! Thats a scary step. I recently purchased my first property and I was very intimidated telling my realtor to submit that first offer. They rejected mine as well. And its ok... Keep going. That hurdle is a learning lesson which is why successful real estate investors always talk about taking action, there is a lot of power in moving once you have the correct information. Good job!