All Forum Posts by: Nick Shri

@Richard Matthew Prock-Golan Are you looking for 1st Lien HELOC? In that case, shop where the property is. You might miss out on property with that strategy given how long it would take to close the HELOC. So the option would be to call up on Credit Unions and ask whether they do 1st Lien HELOC on OOS investment properties. Google the terms such out of state investment heloc and so forth. You can also look at AIO loan, look up CMG financial. I don't have any experience with CMG but I have read good amount about them from other individuals here at BP and other forums as well. Good luck!

Hey BPers - I am in the market to get a HELOC (secondary position on my Primary). My goal is to use the HELOC funds towards down-payment on invest properties. What questions should I ask the lenders (I am only approaching CUs)? TIA.

Brilliant conversation! Don't set yourself a deadline for study/analysis. Do as much as you feel necessary, this isn't preparing you for a test :)

Jump in when you feel ready to begin. DFW is a great market especially the smaller towns nearby. Best to you.

@Brianne Leichliter I sent you connect request.

Many have already mentioned DC market is HOT, and I agree. COC return will only look good if you are looking to rehab. Condos are definitely soft right now, if you can scoop one and rent by room or hack, it might be a good approach. Good luck with your search and investments.

Rent by rooms work really well in transient markets. DC, Arlington, few areas of Alexandria are all great. So are pockets in Herndon, Reston, Sterling, Manassas areas. I stayed in Ballston when I moved in NoVA years ago and then moved to Fairfax. Rent by Room worked well in early 2000s and it still works well almost 20 years later.

If you plan to rent to a family, definitely look at suburbs outside beltway (best bang for buck IMO). Goodluck with your search!

I would add, BRRRR will work if you find the property at right price point. That would be like looking for a needle in a haystack or a diamond in a rough. While NoVA property prices are high you can still find low priced properties in some areas (Falls Church, Woodbridge and South), otherside of WW bridge and few other areas.

Cash on hand definitely helps to compete to pick up that BRRRR category property.

All the best to you.

I Spent 8 years in DFW and then moved to Virginia in 2003. UTD grad here. Still have family in DFW and I am thinking of investing down there. What are the good areas to invest in? My parents almost bought a duplex in Richardson (or was it in Garland) but ended up moving to Virginia with me. What are some good towns in DFW these days for investments? Is 75 still the tech/telecom corridor that fetches good renters? 

@Thomas Ingrao Did you put in the offer? I wasn't clear from the posts that you had enough data to decide on a price point, except that Seller agent not entertaining below 20K and your agent suggesting you 22+K. Did you consider writing a letter explaining your POV for the purchase price? And how you don't mean to offend the Seller, and so on? If the property is really lucrative then you too ought go that extra mile I had say.

I would also have gone to the Seller agent and recommend to reduce price by 2.5-3% if your REA wasn't going to listen to you.

Amazing discussion, wealth of knowledge for someone considering OH as potential investment.

Who are good boots-on-ground in Cleveland (suburbs), Columbus(suburbs), Cincinnati (suburbs), Youngstown, Toledo markets? I had love to connect with you.