All Forum Posts by: Matthew Herrera

@Matthew Porcaro

Hey Matthew. Thanks for the response! So my current property is currently an FHA loan. I should be able to refinance to non FHA loan and get an FHA loan on my next property? Of course if I went this route I'd have to pay PMI on my new loan. I definitely need to talk with a loan officer.

Matt

@Josh Kredit-Phelps

Thanks for the input, Josh! After I find my next live-in deal I’d like to explore long distance real estate investing.

@Will Pritchett

Thanks for the insight, Will. I’ll just have to talk with a lender.

@Ryan Brocklebank

Ryan, its a 30 year mortgage started in May 2009.

Good evening everybody!

So this is my first post besides my introduction post.  I'm looking for some input and suggestions for my plan and maybe get a few questions answered from people smarter than me.  :)

I've owned a single family home for 9 years now.  I currently live here with my two young children.  The original loan was for 147,000 and its paid down to about 117,000.  Current home sales on my block for my exact floor plan have been in the 320,000 range.  

My plan is to get a heloc for a down payment on a new investment property and to rent my house. I plan to use the BRRRR strategy and to hopefully find a deal in my area.

I still have PMI on my mortgage and would like to get this removed.

1. Do i need to refinance to do this? 

2. Can i refinance and get a heloc?

3. Is it possible to put 3% down on my new live in rehab or would i have to put 20%?

Thanks in advance!

Matt

@Katie Stewart

Hi Katie! I will be happy to share with BiggerPockets as soon as I buy my first deal!

Matt

@Grant Shipman

Thanks for the offer, Grant! I’m just getting started right now. I’m doing a rehab on my house now and I’m getting my finances in order to start looking for my next live-in deal.

Matt

@Dan Mackin

Thank you, Dan.

I’m going to be keeping an eye on the forums and I’ll be sure to check them out.

Matt

Hey everyone! My name is Matt.  I am a single dad with two wonderful kids age 5 and 6 and we live in North Longmont.  I've owned my current home for about 9 years but I'd like to start to capitalize on my equity and rent this house and hopefully find a live in deal by the end of the year.

I have been studying everything i can get my hands on about business and real estate investing for about six months now.  Its been a rough past 4 years but im ready to focus and commit on my plan.  I know there is a lot of competition in my area but im not going to let that hinder my drive.  I am willing to look outside my area and am determined to make this happen.

I currently work in the plastics industry and make a very decent living but have realized during the past few years that i need to continue to move forward for my kids and our family.

It took a lot of courage to finally introduce myself but i know that these forums can open multiple opportunities and i will fight through all my personal hang ups to make this happen.

-Happy to be here!

Matt