All Forum Posts by: Stephen Renehan

I'm not an attorney, or do I play one on TV.  However, from my experience in commercial workout at a Bank, I would definitely agree with the advice cited above about speaking with an attorney who is familiar with the particular Bankruptcy nuances.  You don't want to perform a certain 'collection activity' if it will violate the Bankruptcy statute.

A padlock may also be the sign of an REO property.

Given the length of this thread, I may have missed an earlier remark. While interest rates have been stagnant for a significant number of years, a conventional mortgage would give you a fixed rate over a 15, or 30 year term. A HELOC generally has an adjustable rate so if there was an increase in interest rates, this may not provide the projected savings. If you obtained a conventional loan, but made additional monthly principal payments, wouldn't this also pay down the balance sooner, but without the risk of interest rate changes?

Jerry,

Hopefully, you are correct!

Stephen

I know a prior response in this thread indicated that the next RIREIG meeting is the 3rd Thursday in July.  You know the meeting is held at the Hilton Garden on Jefferson Blvd, correct?  The beginner session commences at 6:00.  Hope to meet you then.  If you would like to meet for coffee, prior to then, let me know.

Stephen

I live in Providence, too and that was the strategy I utilized when I purchased my duplex. I only used a small down payment, but by making extra payments, I reached 25% equity in 14 months. I subsequently refinanced w/ a conventional loan to get rid of the PMI. Now I just need to find another multifamily and try this 'trick' again. Good luck!

Do you have to be a recent college grad??  LOL!

Welcome and I look forward to meeting you, too!

Stephen

What is the After Repair Value (ARV)? Do you have an idea on the cost of repairs? Once you know those answers, you will have a better understanding if this is a good deal. For example, if the cost of repairs are $200,000 (hypothetical) it may not be a good deal. Conversely, if the cost of repairs are only $20,000... I hope this helps.