All Forum Posts by: Richard Anderson

Hi @Carlos Altamirano,

Thanks for posting the article on the roads! My wife and I spent all weekend driving for dollars around St. Clair, Fountain Square, and Springdale, and couldn't believe how bad some of the roads were in town.

Thanks @Mike D'Arrigo! We spoke about this with the credit union. I appreciate the heads up.

Hi @Paul Flynn, Welcome to BiggerPockets! In case you are interested, there is an investor group that meets in Downers Grove. Here is the info in case you'd like to attend. I went in November for the first time. It was well worth attending. There was a good mix of "newbies" and seasoned investors. There were probably about 30 people at the meeting. I'll definitely be going back.

If you're interested in driving a bit further west, there is also a group that just started in the DeKalb area.

I also attended this group's first meeting last month. This meet up was smaller and most everyone is pretty new to the game. But I will also definitely be going back.

Good Luck!

@Deanna Anderson

Update: We applied for a HELOC today with a local credit union. They were .50% lower than any of our local banks. We were pre-approved on the spot and should be able to start rolling within a few weeks. Onto finding the right deal! Heading back to Indianapolis soon to do more driving for dollars.

Thanks for the input everyone!

Thank you @Jaclyn McClellan, we are meeting with a local credit union this weekend. They have a HELOC which is lower than banks in our area.

@James Antoine that is a possibility too. We're in Chicago which is a bit of an expensive market due to our high state tax rate. If we find a great deal then the cash purchase becomes a real possibility.

Thank you @Kevin Siedlecki and @Andrew Postell. I was thinking the HELOC first from the down payment standpoint. I didn't consider the pre-approval would be affected by acquiring it first. Thanks for pointing that out!

Howdy,

If anyone wouldn't mind sharing, I have a question about financing. My wife and I are planning on buy-and-hold and are trying to figure out the best way to start the ball rolling in regards to finances. We have a decent amount of equity in our house. With that said, I am wondering if we should focus on getting pre-approved for a mortgage first for our rental purchase, and then secure a HELOC on our residence? The HELOC would be used towards the down payment and any repairs on the property. Or should we acquire the HELOC first and then see where we stand towards getting a mortgage.

I have my thoughts, but would love to hear what others think.

Thank you!

Three multi-family properties.