All Forum Posts by: N'neka Scruggs

I'm bumping this question because I'm running into a similar issue. I do see where I can enter the purchase and rehab amounts but my problem is accounting for the down payment. My HML lender will fund 90% of the purchase price and 100% of the rehab. If I enter that manually, the results tell me that I have a $0 down payment and a surplus = to the rehab amount. The total cash needed at closing is incorrect too. Is there another way to account for this?

Thanks all. @Azeez K. I will look at the options you sent.

@Carl Crump Yes, makes perfect sense. That's what I want, I just haven't seen it as an option for the banks I've looked at so far. I'm in the Atlanta area. 

Hi, 

I'm a newbie investor looking to for my 1st deal. I want to get a heloc on my primary home as a possible way to fund it. But I also have an adjustable arm with the interest rates slowly inching up so I need to re-finance. I know there are cash out re-fi's but is it possible to refinance and get a HELOC instead of cash out? Do you know of lenders that will do that?

Thanks @Melanie Aldana

Thanks @Michael Ehmann. Unfortunately I don't think I can make it tomorrow but I'll write it down for March.

I'm new to investing & haven't done my first deal yet so take my thoughts with a grain of salt. Personally, I would look at the worst case scenario & see if you can weather storm. If your rental was vacant for a few months, can you afford the expenses? If you lost a source of income, can your savings cover your living expenses, your debt and rental?  Will that keep you up at night? Will it cause stress or strife in your family?

Personally, I am risk averse so regardless of potential returns, I'd pay off debt first, which is what I did. 

Thanks for the info @Curt Smith. I signed up. I'm looking forward to it.

Thanks, I didn't know that. That is very helpful @Bill Hampton.

Hi, I'm brand new to BP & investing and just beginning my education over the past month. So far I've listened to several BP podcasts, am read the BP Ultimate Beginners Guide to Investing and attended an Atl REIA meeting. I was checking out GA REIA and came across their Fast Start Bootcamp. It sounds like exactly what I need and just wanted to get some feedback from attendees.

@Azeez K. Thanks for all the helpful information. I'm reading the Ultimate Beginner's Guide now and have listened to several podcasts. I'll add your suggestions to my queue. I just attended my first Atlanta REIA event & am looking at GA REIA too.

Thanks for the warm welcome, @Andrew Syrios, @Ned Carey, @Robert Mitchell, @Bill Hampton.