All Forum Posts by: Mario Hernandez

Thank you guys for the feedback. I will check them out.

The property is in my brother's name. I've called a few banks some credit unions in my area. They all have told me it must be a primary residence. I was interested in the heloc because of it's flexibility. Especially since we have no mortgage on the property.  I'll try the commercial departments next just to get some ball park numbers. 

Partnered with my brother to purchase a residential property at auction for cash in the Tampa Bay area in Florida. House has been upgraded and recent sold comps in the neighborhood are 110k to 125k. Rents in the area $900-$1300. Currently shopping around for refinancing options. Does anyone know of any banks in the Tampa bay area that offer helocs on investment properties or secondary homes? Any other option that would let us keep the home and pull out equity as we need it while the property rents would also be helpful. 

We would like to use the refinanced or heloc funds to help purchase additional properties.

@Mike Hanneman

Is it wise to put in nicer finishes if i'm going to try and pull out an equity loan against the  property? will the bank's  appraiser take into account nicer finishes or would it be overkill? The property currently isn't being rented, will this negativity affect how the bank view my ability to repay the loan? What type of loans are out there at my disposal if i own the property free and clear? rents in my area are $900-$1200 per month.

@Phil Bach

yes, It's the truth. The Pasco Market is tricky. I'm in the Dade City Area. Pretty consistent and reliable numbers in this area. 

@Nancy Wilbanks

Thank you, It's always good to have smart, hard working people around to surround yourself with. If you are the smartest person in the room chances are you are not going to learn anything new.

@Dave Foster

yea 39.6% percent does seem a bit much to pay. I'm doing a lot of reading and trying to learn as much as I can. Bigger Pockets is definitely the place to come to gain knowledge and meet great people.

thank you Dave 

@Bradford Myatt

I've been listening to Brad Turner on the bigger pockets podcast and read a lot of his articles. The BRRR strategy is one that intrigues me. His podcasts have a wealth of information and I enjoy them very much.

I agree with you about buying a few houses to hold and selling a few. I guess it depends on the spread or the opportunities of each property, that will lead me to buy and hold or buy and flip. 

I have four brothers who work in construction, we are currently looking for other opportunities to partner in. They will focus more on the renovation side which will keep costs down. Those deals will more than likely be flips due to the possibility of a bigger spread. 

Thank you Myatt

@Patsy Waldron

Thank you, I certainly have been learning a lot these last few months. People like you and Greg S. are what make bigger pockets such a great place to learn and grow. 

@Greg S.

That is an Excellent tip. My goal was to fix and flip. The notion of pulling out some money while still retaining the property seemed like a good idea. I don't have a partner who I would need to split the profit with right away. you and Patsy both make very sound and logical points. 

Thank you for your advice.