All Forum Posts by: Nicholas Garcia

Hello all, Nick here.

Question is how do I successfully purchase Land in my state (MAINE) using equity from my first property - maybe using HELOC?

With housing in our market selling above asking price most times ending up in a bidding war with limited capital to invest, I am thinking about buying land and maybe sub dividing that land and building a Modular home on the plot. Does anyone have experience doing any of these things? What would be the best approach..

Would love any help/input! Thanks in advance - I appreciate your time.

@dave CONGRATS DAVE! 

@Dave Poeppelmeierundefined

@Kyle J Reed WHAT IS THE BENEFIT OF DOING THAT? Thanks in advance! 

Good morning all, Nick here. Looking for any input on different financing options that are available while trying to purchase my second property. 10-11 months in.

Does anyone have a suggestion that has worked for them on past deals?

*(First property is financed doing an owner occupy 1 year* FHA LOAN) Thanks in advance!

Hello, so currently I am doing a live in owner occupy property, that I plan on renting in the next 5-6 months - which I have taken an FHA loan on. 30/yr term.

Is it possible to do a HELOC on the equity in the property after 10 months and use the money for a down payment on another property?

If so, what are the pro's/con's of doing it that way?

If there is a better alternative would love to hear what options are available! Thanks in advance. - NICK

Thanks for taking the time to read/respond @Kyle Spearin ! 

@Tanvir Sattar Hey brother I am asking for future reference, just closed and got a 3.25% ! 

Quick general question. If I've gotten a low interest rate from the start, what benefit would I have in refinancing other than to get PMI taken off of an FHA loan?

What refinance route would make most sense? - Thanks in advance!

Investment Info:

Single-family residence buy & hold investment in Westbrook.

Purchase price: $152,000
Cash invested: $6,000

2BED, 1 BR. 950 SQ/FT

What made you interested in investing in this type of deal?

Location, Appreciation.

How did you find this deal and how did you negotiate it?

Redfin, Realtor.com. Bought as is.

How did you finance this deal?

FHA Loan

How did you add value to the deal?

Interior Upgrades. Walls, Paint, Upgraded appliances.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Real Estate Agent. Would recommend.