All Forum Posts by: Tamera Muniz

Can I get a HELOC on my investment property if I used a HELOC from my personal home for the down payment on it?

I'm a bit confused but what it means for these companies to remit taxes on your behalf. Does this mean that I do not need to save an additional 30% in a separate tax account? Can someone explain what remitting taxes means and if I should be saving separately as well please. 

Thanks!

 The way that the Senior finance manager worded it was that it was a “commitment period” of however many months. So that tells me that there is a prepayment penalty of some sort depending on the terms they give you. I would make sure to clarify that once you get your terms! 

So I've recently been approved for a $30,000 unsecured loan with BHG financial. I was referred to them by someone in the Bigger Pockets forum due to the fact that they don't report the loan to credit bureaus and would help me get into a BRRR property. Does anyone have any experience with BHG or an unsecured loans in general? What has been your experience if so?

My terms are as follows:

$30K loan

$647.37 monthly payment

854 month term with 12 months of required payments 

Fees: $300 documentation fee, $675 Reimbursable serving fee and $2100 Optional limited personal guaranty

Thoughts??

 Yes, I guess I meant was my analysis a good one. Not necessarily fair. 

Hello John,

thank you for the analysis there, it always makes more sense when someone writes it out for you even though I’ve done it a million times in my head.
There was only one similar comp in the area which is why I used that $355k as a conservative ARV number. The updates I make to this home will likely be better than those of the comp and there are more rooms that can be finished so I see this valuing higher but as this is my first BRRR, I'm afraid to go too high. At the end of the refinance, is having $15k cash back a bad thing? That hasn't necessarily been discussed in my research besides anything other than a benefit.
do you feel my analysis is fair?

Working on the analysis of my first possible BRRR. Any insight is appreciated.

It is a pre-foreclosure 3 bed, 2 bath 2660 sq ft property. Hoarders lived here so tons of things everywhere and in need of a lot of cosmetic rehab including a complete kitchen gut and one bathroom. The ARV is $355,000 on the very conservative side and my estimate for repairs is $80,000. They have it listed at $299,000.

My analyzation is telling me my maximum allowable offer would be around $175,000 which is quite a bit under asking price. Since I'm going quite conservative with my ARV, does this seem fair to offer?

Thoughts please? 

Hello, my husband and I are just starting our real estate investing journey and have one property under our belt. We are looking for a CPA to assist us with tax preparation/finance. Someone who specializes in investing would be wonderful. Please reach out! 

 They used $2100 as the rental income to underwrite the deal. The $2400 is feasible but going to be tight. I think it's definitely seasonality and it's causing me to panic quite a bit - we just have to make it through and with this being one of the first months, it's causing some concern. Thank you for the positivity though I believe you are right, eventually we will get there. 

 Thank you Scott for the input. As a new investor, I thought I did enough research and didn't want to get stuck in "analysis paralsis" so I made the move. Likely you are right though, there is definitely more I could of done in order to prepare myself. I will look more into my competitors to see what they offer. 

Here is my listing under new management: https://www.airbnb.com/rooms/8...

Please give me your thoughts