All Forum Posts by: Nick Vehr

Makes sense, so the seasoning period is for refinancing loans in general, not tied to the HELOC. In other words, if I paid 75k up front that money is tied up until I can finance it out. The HELOC is no different than cash in this scenario.

I've been confused all day, thinking I may have heard my loan broker correctly. But can someone please clear this up for me. 

Let's say I take out a HELOC for 100k, and spend 75k on buy and hold after expenses and rehab with an assessed value of 100k...

I then finance the 75k, it into a fixed rate mortgage, and pay off the HELOC.

Will I need to let the HELOC season for 6 months in order to do that, or would the fixed rate need seasoning. I'll admit, im a bit confused here...

Welcome, good to see more Cincinnati people on here.

So, I have been doing a lot more research. It seems fixing toilets at 2am is only a thing if you put yourself in that position. 

Right now I'm reading "The book on real estate investing" and realizing I need to address these fears. Thanks so much for the help, just asking me that question @Account Closed it made me think I need to go back to the books. 

I really do appreciate it, 

Nick

I have considered it, my major fear is getting burned out, late night calls etc. I think I could be able to run it like a business, I just have a couple friends and family who have given up. Excuse it became too much of a headache. I could be completely wrong and it may be fairly hands off. I'm worried about the 2am calls, the calls while I'm at work, the odd hours where I get to spend time with my family. I don't know if that's really for me. Please let me know your experience, and if I'm over thinking it. Thanks

Was just thinks big about calling around to the local property management companies and was wondering if there is any advice you all can give. I am currently in the Cincinnati Ohio area and looking to buy around there, I need to find a good property management company before I move forward. Can any one point me in the direction of a Q and A sheet that I can interview companies with, or even if you know someone to recommend please share. Thanks for all of the help in advance!

DL Martin I really do like this idea, never really thought about this. However I did a little more DD and looked at the location. It's actually about a mile from where I grew up, and ohh the difference a mile makes. This building is approximately half a block from the graeter's we went to as kids, that as since shut down due to a shooting which lead to a murder in the parking lot. Frankly that's not a reason to rule it out, I understand that. However based on what you said, I can clearly say I don't feel comfortable sitting there for 30 minutes in my car. Not solely due to the shootings, but mainly because I know the area. Just not something I would want to do based on what I know. It's great to think about it this way, I can ask myself "would I let my son out of the car there", and frankly if the answers no, time to move on. Of course without knowing me you wouldn't know what kind of neighborhoods that would qualify for, but I can assure you, this is not the one.

WOW, Thanks so much everyone, this is pretty amazing. I will admit that this was mainly an exercise for myself to see if I am analyzing this all right. This is an actual property that I had found on the MLS.

I didn't believe this to be a super great deal, mainly because of where i found it. The thing that I wanted to do was break this down based on all things constant and make sure my numbers were right. I would definitely end up walking the property and taking a look before buying, but now i have a lot of other things that i need to keep in mind. 

Thanks so much for your help, I anticipate I will become very active in this community. 

Brent Coombs I'd like to understand why you're using 50%. Frankly, I like to use the more conservative number and have no problem running this in my calculations. However, I was wondering if this is from experience or do you know something about this market I do not. Thanks all for the responses, may take the next steps and get an inspection to find it more.

Bump