All Forum Posts by: Michael Pace
Michael Pace has started 3 posts and replied 4 times.
Post: First Rental Property
- Posts 4
- Votes 0
Hi everyone,
I have purchased my first rental about a month ago and have a realtor actively looking for tenants. We have having a lot of individuals that are illegal aliens interested in the property but when asked for any type of verification they go ghost. Just starting to get worried about getting someone into the rental.
Any tips or tricks to help the process? I believe the realtor has our best interest and is fielding the calls, she also helped us purchase the property.
Wanted some feedback
Thanks
Mike
Post: HELOC but worried about depreciation in the next few years
- Posts 4
- Votes 0
Bank of America will approve a HELOC for a rental property. I recently had one completed.
How do you Vet a real estate agent broker? What should I be looking for? Questions to ask?
Obviously I want to find someone that has my best interest in mind and not solely theirs.
Hi Everyone!
I am new to bigger pockets and new to investing as well. I have been extremely interested in RE investing for a little while now and I am now starting to take action to get moving into the right direction. I have been reading a ton throughout the forum and also started to listen to the podcasts (6 episodes so far), so i have become extremely anxious in the last week.
Currently I own a home in West Palm Beach, FL and have about 95K in equity, so i would be able to get a HELOC for about 50K (Pending approval). I also have 22K in my stock portfolio and 65k in 401K that I am skeptical about using to finance a deal, but not completely against it as I am 32 and have a strong career ahead of me.
Looking to invest in a small property to get my feet wet, around 150K and in a lower income neighborhood as our local market is quite expensive at the moment. This would get me around $1500 in rent monthly (already found a properly that has a renter for this amount), based on the research I have been doing, and should show some cash flow based on calculations.
Looking for some advice, which route would you go? HELOC or taking from portfolio investments? Having a HELOC will lower my cash flow, and I am unsure if it will affect getting a loan.
I plan on talking to the mortgage broker that has helped me finance my last two house purchases , but would love to know what the BP community thinks about my situation.
Thanks!
Mike.