All Forum Posts by: Scott Anderson

I have a US Bank HELOC. They can cut the limit to stop advances but they can't call it.

For the last year I’ve been paying it off with all extra funds to use again on the next property.

While seeing the news two weeks ago I cashed the whole thing. I pay a small payment to have my cash so they can’t keep it from me.

Now I’m hoarding cash until it blows over and can immediately put my funds back to use when I’m ready and don’t have to wait for the banks to wake back up. 

Depends on your investment path and needs.

There are so many ways to invest in real estate I can’t even say if I’m able to help.

Rent it IMMEDIATELY. Then refinance into 30 year with the leases income. 

Try to sell again at lease expiration. Or hold forever and build wealth. 

Federal law trumps lease rules.  

She can make them safer or handicap friendly on her own through ADA. 

Isn’t it better to invest in safety than to wait for a lawsuit?

I put an offer on the property sight unseen, though the pictures tell enough to be ok. I have a due diligence period to walk the property and back out for material defect/problems.

In this way you only need to walk through the one property. Not 50.

I look at closed rental listings on the MLS and check days on market, then listed ones. Then I check craigslist for listed ones.

After that I pretty much know exactly what the rent should be. 

Then I work backwards with the PITIA/maint/capex to get offer price.

I don’t care what they’re listed at. 

Find a mortgage broker that can do a no doc loan for you. That’s the easiest way. 

You can also ask your mortgage company to spread it out past the payback period they quoted you. I had mine extended to 3 years when they raised mine by $300/month.

So buy a $1500 tax lien. Foreclose paying a few thousand(?) for legal fees. They pay the $1500 back prior to and you lose a lot of money and wait years to do it.

Is that really a possibility? Sounds potentially awful.