All Forum Posts by: Wilson Churchill

5%, then put the other 15% towards the next property.

I would simply allow them to apply, but not call them back, or explain that another qualified applicant applied first, so you went with them to be fair.

Key Bank seems to be offering a 100% HELOC, but you must pay closing costs and an annual fee:

https://www.key.com/personal/home-loans-lines/home...

@Kelley B.  It doesn't matter, as long as everything is totaled and separated, and you have the numbers for the basis. QuickBooks will help you to do the bookkeeping more quickly if you have several properties. In any case, being able to generate a P&L and Balance Sheet will make potential lenders happy as well.

Also, the property was last sold on 03/28/13 for $10,000. There is no listing on the MLS, at least not one that is visible on Zillow:

http://www.zillow.com/homedetails/5801-Chatsworth-St-Detroit-MI-48224/88334913_zpid/

The ad doesn't make any mention of receiving a warranty deed at closing. It says:

Found these with an internet search:

http://www.summitfcu.org/home/loans/homeequity

https://www.key.com/personal/home-loans-lines/home...

Here's a 125% Home Equity Loan. I don't know what the requirements are though: 

https://www.sdfcu.org/home-equity-loans

 Investors can use current rents or credit to pay for repairs. I like using credit cards for unexpected expenses. I sometimes use CCs to buy a property outright, and use rents to pay them off.

Since you disagree with Ramsey (rightfully so), avalanche the mortgages, rather than snowballing them, unless you would save more by eliminating the PMI from smaller mortgages..

As long as you can get your money back quickly, whether refinancing or not, then go ahead and put all of your cash into one or two deals. I have an offer (which the listing agent says should be accepted) on a fixer-upper for $6,000. I may have to put up to another $6,000 into it, but even then, I should be able to get my money back in about two years, whether or not I refinance.