All Forum Posts by: Donnie M.
Donnie M. has started 31 posts and replied 107 times.
Post: Unsecured PLOC that is cash out refinanced into conventional
- Rental Property Investor
- Fairhope, AL
- Posts 113
- Votes 64
I tried searching BP and google for a direct answer but could not find an answer about unsecured lines of credit. I plan on buying on 26k property using my Private Line of Credit (PLOC) from my bank and it will appraise for 50 - 60,000 after repairs. The PLOC works exactly like a HELOC except that it is unsecured and has a higher rate. In 6 months I will cash out refinance it into a conventional loan for exactly what I owe on my PLOC.
I do not know if this is common to do with a PLOC. I know with a mortgage or HELOC I would not have to pay capital gains tax on the refinanced amount because it is a secured loan. So my question is, will I have to pay capital gain taxes at the end of the year on the refinanced amount since the funds I bought the home with were unsecured? Which will be about 26k.
Post: Hard Money Lender in Alabama?
- Rental Property Investor
- Fairhope, AL
- Posts 113
- Votes 64
Originally posted by @Al Wilson:
Got some deals i'm negotiating in Smiths Station, AL (Lee county) and Montgomery, AL.
Post: Hard Money Lender in Alabama?
- Rental Property Investor
- Fairhope, AL
- Posts 113
- Votes 64
Originally posted by @Imad M.:
Can anyone recommend a HML or PML that deals in Alabama? I am looking at a few lenders now but would prefer one that is referred. I just put a property on contract and am searching for financing outside of using a bank.
SP: $55,250
ARV: $85,000
Repairs: $13000
Holding Costs: $5000 (HML will increase this amount)
Potential Profit: $11,750
Looking for HML in Alabama as well. None one the BP.com/hardmoneylender list. Did you ever find any Imad? Thanks!
Post: Columbus, GA Meetup
- Rental Property Investor
- Fairhope, AL
- Posts 113
- Votes 64
Originally posted by :
Has there been any arrangement to meet up?
As far as I know, there has not been any arrangements for a meet up.
Post: 30,000 and under thread
- Rental Property Investor
- Fairhope, AL
- Posts 113
- Votes 64
I came across a thread (about two weeks ago) and it was a compilation of posts where people showed pictures and numbers that went with their 30,000 and under rental properties.
I am struggling to find it using the search function (from now on I will subscribe to great threads...so much quicker than searching). Please, if anyone can easily find that thread please link it here. Thanks!
Post: Application Prior to Background/Credit Check?
- Rental Property Investor
- Fairhope, AL
- Posts 113
- Votes 64
Originally posted by @Susan M.:
I take them, review all the information, do my "googling" and general research based on their application and only after I'm ready to move forward with them do I ask an applicant to do the credit/background portion, at which point they pay MySmartMove directly.
Could you elaborate on your "googling"? Are you just doing a quick google of the prospective tenants name? Do you go further an check social media sites? Just curious because I never thought of this before.
Post: New member from Alabama
- Rental Property Investor
- Fairhope, AL
- Posts 113
- Votes 64
Welcome Ethan!
I live in the Smiths area about 30 minutes from you. Helen's suggestion of living in one half of a duplex and renting out the other is a a great idea to get started. Best of luck getting started and BP is a great source of knowledge and help for us new investors as well as veterans.
I would suggest checking out the podcasts http://www.biggerpockets.com/renewsblog/category/p...
So much great information in each one as well as motivation/inspiration.
War Eagle!
Post: New to BP and RE Investing from Smiths Station, AL
- Rental Property Investor
- Fairhope, AL
- Posts 113
- Votes 64
Thank you for all the welcomes and encouragement. I will do my best and never give up! Listened to 3 podcasts already and the massive amount of valuable knowledge is so encouraging as well.
Post: New to BP and RE Investing from Smiths Station, AL
- Rental Property Investor
- Fairhope, AL
- Posts 113
- Votes 64
Originally posted by @Mark Nolan:
Welcome to the Bigger Pockets community.
Thanks Mark! I'm excited and ready to become an active member in this wonderful community of investors.
Post: New to BP and RE Investing from Smiths Station, AL
- Rental Property Investor
- Fairhope, AL
- Posts 113
- Votes 64
Originally posted by @Helen Kirk:
Hi Donnie, and welcome to BP by another new investor.
I know of a number of duplexes that are available in the Auburn and Opelika area. You can find them by looking on realtor.com. I have looked at a few, and some of them look promising. I've walked through two of them, but decided that my first property will be a short sale on a single family home instead of a duplex.
There is also an active investor meeting each month in Montgomery, AL. I went to the meeting last month (my first one), and was impressed by the networking opportunities available through the members. Contact Mark Jennings for the next meeting. His email is: [email protected]
Thank you so much for the information about Montgomery. I will be in contact. Maybe we will see each other at the next meeting. I always forget about realtor.com for some reason =].