All Forum Posts by: Mike Smith

Joshua, I understand your point of using the HELOC as 2nd which may be close to accomplishing the lowered total interest payments but in the end, anything you push toward your traditional is locked up and not easily accessible when opportunity knocks. That easy access is what I find appealing. Thoughts?

I am also looking at the HELOC as a 1st and use the principles proclaimed in the Replace Your Mortgage pitch which I understand to be, Use it as a checking account and putting all your income into the HELOC and then pay bills from that account thereby using all income to more quickly reduce the interest. Meanwhile you have instant access to your homes equity. I like the sound of this but does it really work? I My Credit Union is offering this with fixed 5% with a 15yr draw or 20 year with 4.75% variable.

Nate,  let me know what you learn.  I too am looking for a CPA type person in Norfolk  or Western Branch area.  

Les,  Lumberton is a low cost but also mostly low income housing area.   It's a good market if you are willing manage that type of rental.  The higher rent places in town do not seem to rent  or sell quickly. 

Hi BP members, I am looking to take it to the next level. I have 3 low cost rental properties in Lumberton NC done 100% cash and one fully financed in Norfolk, VA - all done in the last 18 months. My wife and I are looking for Cash Flowing properties in Hampton Roads area using other people money. Right now we don't have a preference of Buy and Hold or Flipping. We're both 51 with full time day jobs so this has to be a mostly evening and weekend adventure I'm a pretty good handyman so I don't mind fixer-uppers. I also need to develop a network of talent in this area. I know enough real estate to be dangerous, but now I'm ready to do like Rich Dad says, "Buy cash flowing assets to buy the things your want" (like a new pickup!)