All Forum Posts by: Samantha Soto

Do you have to be an owner occupant to HELOC as well? Or can you get a HELOC on an investment property?

Is there not just a construction/renovation loan to use on a property you own free and clear?

Hi BP community,

I'm still pretty green to the REI world and trying to branch out from what I have been doing so far, which is buying relatively turnkey properties. I invest out of state, although we are thinking of moving within the next two years to be in the market where we want to invest. I would love to save up enough cash to be a cash buyer in a low priced market (currently buying in huntsville and looking into Indianapolis too).

If I buy a property for all cash, can I get a loan for just the rehab that needs to be done?  What type of loan would that be?  What are the terms typically?  Pros/cons of doing it this way?  Ideally after rehabing I could cash out refinance and move on to another property with the same money.  Thoughts?  I'm eager and the thought of having to save up for a cash purchase and a rehab budget is getting me too impatient.  

I had a convo with @Jason Bott regarding vacancy home insurance a few months back.  He was a great resource.  His company offered several options.  

Hi @Yaniv Sigler!  I agree with @Jeb Brilliant, definitely research which states are landlord friendly.  In addition to that, look for cities with strong economies and steady population growth.  In my experience, we tended to get overwhelmed looking into so many different cities because they all looked great compared to CA prices.  Eventually we just had to pick one and stick to it.  We spent several weeks digging in and getting to know the market before we made a purchase.  I also started reaching out to local property management companies to get to know the market, look for deals, and interview regarding property management.  I found my wonderful agent, @Christy Harris on BP.  It's important to work with an investor friendly realtor who knows the area well.  Good luck to you!

@Zack V. Bethea are you investing in multi family in HSV?  I've been looking for something out that way.  Would love to hear your experience if you are doing multis out there.  

Hi everyone,

I'm looking at an 8 property package in Indianapolis.  I would like to utilize conventional financing, putting 25% down.  I was wondering if I could get one loan for the entire 8 prop package, or would I need 8 separate loans?  Anyone have any good lender recs in the Indianapolis area?  I am looking for someone who goes above and beyond to close a deal quickly.  Thanks!

Did either of you crack the code? I'm trying to figure all of this out now. Just reading books so far. Going to a REI meeting on Thursday to try and rub elbows with people who know how to buy at auction.

@Jonathan Wilks going to my first auction on Saturday thanks to your post :)  I've been itching to learn and can't wait for the experience.  Thanks for posting on this, even though it was a year ago.  

I'm reading a book right now I would recommend.  It's call Zero Risk Real Estate by Chip Cummings.   It's all about how to buy tax deeds and tax liens.  I'm still such an amateur I couldn't give you much advice.  But reading books on the topic helps.  What I gather so far is that taxes are always first in line.  I think if you buy through a tax sale, anything you pay over and above the taxes due may go towards paying the mortgage.  But I don't think you would owe anything for the mortgage.  Maybe someone more experienced will jump in?