All Forum Posts by: Jake Landry

Welcome. I'm new here and love all the great feedback. This is the best example of givers gain I have come across. Cheers to BP and all of you that take time to contribute. This site is over flowing with good Karma. I can't recommend the Pod Cast enough. I live in Austin and travel for work quite a bit and will listen to a few of the pod cast each trip. I drove to New Orleans about a month ago and by the time I got back to Austin I had a whole new perspective.

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Originally posted by @Eric Bowlin:

There are lots of ways to do anything.

I had a multi and paid it way down. I found a bank that would do a cash-out HELOC. They paid off the old loan and gave me a huge line of credit. I used that line of credit as a down payment on my next property which is more traditionally financed.

I bought another property to renovate with all cash using the line from the first. I got a HELOC and it financed 3 more purchases and a little on a 4th.

I just feel that the HELOC is a very powerful and flexible leverage tool. It's interest only so your cash-flow is much higher as well.

Great info man. I appreciate the tips. Exciting!

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Originally posted by @Eric Bowlin:

HELOC are the best. Very low fees...say $100. Usually interest only for 5-10 years. Also, their underwriting standards are more lax and turn around is pretty quick. You can get the most cash out and have the lowest payment for the longest period of time.

Hey Eric, thanks for chiming in. Question, would a HELOC make since if I'm buying another rental? I don't know much about HELOCs. Seems better for buying a flip rather than a rental. Am I missing something?

Best,

Jake

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Originally posted by @Paul Timmins:

@Austin Dixon

You have received some great advice.

Call the chamber of commerce president ask them who they like in the local banks they will give you a referral for the bank Pres or VP use the name drop.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Good luck

Paul

Hey Paul, newbie here. What do you mean by you don't have to own it to control it?

Thanks

Jake

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thanks. I'll check into it.

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Good morning everyone. I'm in the same boat as Brooks and I'm also new to the site. I have been wanting to refi my only rental to get cash for another deal but I have never refinanced a house. Being a newbie, I'm curious what's involved in refinancing and what I should figure my cash flow would be on it if I refinance. Can anyone give me some speculative numbers. My rental is worth about 115K. I owe 62K. It currently cash flows 700.00 per month. Is refinancing the same as a cash out? Thanks for any help.

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Your in a great position to buy an investment property and since it would be the only property you own for now, you can get a homestead exemption on your taxes. Then rent it out to your parents. Any positive cash flow will help you when you go to get another home for yourself as the cash flow would be considered income. I'm sure there is a time frame that will need to be established in order for your rental income to help you qualify for another loan. I'm not sure on that though. (Anyone else's input would be appreciated). When you go to buy your primary residence, you will no longer get the homestead exception on your rental but you will be locked in to the good rate that was given at the time you purchased it.

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All Forum Posts by: Jake Landry

Jake Landry has started 2 posts and replied 47 times.

Post: Newbie from Austin, TX (Investing in Lafayette, LA)

Post: Growing my rental portfolio

Post: Growing my rental portfolio

Post: What is my next move?

Post: Growing my rental portfolio

Post: Growing my rental portfolio

Post: Purchasing a Property for Parents