OfflineYeah!!! Last Monday I closed on my 3rd property! It is actually my 6th unit since my first two were a duplex and triplex. This is my first single family and it looks like my property manager's, who are doing a lot of the work, are slated to finish everything in the next few days. I may even have tenants lined up before they are finished.
I must say that if you are fortunate enough to own your own home and have ANY equity USE it. Get that HELOC lined up and use it to your advantage! There is a huge difference between good debt (one that makes you money) and bad debt (consumerism/credit card debt).
To all of you who are just starting and are over whelmed or frustrated...just stay focused and ignore all the "no's" you may be hearing...eventually it will pay off when you get that YES!
Thanks to all of you again who have helped me with questions or pump me up over the last 8 months!!!
Sincerely,
Angie 
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME" 
Sounds very exciting when your finally in the game. Keep us posted on all your deals so we can all keep learning.
congradulations.
Jason S.
San Diego, CA.
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Angie i cannot tell you how important your post is to this community, Thank-you!
You did say you used {HELOC}/Some do not have that way of doing business,Anyway great job on getting that deal done!
Randy
2birds---1stone
Nice done! Keep at it and keep us posted!
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --
Thanks for the kind words...same to you!!! Sincerely, Angie
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME"
Great job!! I look forward to hearing about your deals....go get them!
Don't Wish the Past, Create the Future! - DH
On your 3rd deal WOW! I had a question about using your HELOC since thats what you are doing. I wanted to know after you close on the deal how do you go about the step after that. Do you just leave the money you borrowed in the last deal or do you take it back out and put it back where you got it. It sounds like it would be better to leave it and just use the last deal acquired as your next source for the next deal, but I just want to hear it from someone actually doind it. Thanks and again Congrats now work on that 4th one.
What I do after I purchase with my HELOC is do something called a cashout re-fi. Once you do the re-fi you will get a check back to cover the whole thing including all expenses (if you buy right). Once you get that check back you repay yourself and repeat the process using your HELOC as cash again. Hope this helps!
Sincerely,
Angie
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME"
Hello...ok..i am having trouble getting the ball rolling. I cant find a reator to work with me cause they all want to know about the funding. unless i can tell them where i'm getting my funding from, they are simply not interested. what do you do if you have no money, no credit, and no job. what am i doing wrong???
Sincerely,
Angie
OK so you don't open another HELOC with the NEW property, just refi-cash out that property then pay the original(the only) HELOC. Got it. Is there any type of seasoning issues you run into before you can refi that property you last purchased? And also are you doing FULL cash purchase with the HELOC or just enough(20%+) for down payment(conventional loan.) This is good stuff because its what Im looking to do, but don't have enough to make FULL cash purchases in Southern California, only down payment.
Thanks, Ron
Ron great Q's, What are you thinking...double close/HELCO to the 2nd! It is only a idea.
So many ways!
ok rand
Tell them you are not buying properties with your money. You will be assigning them to other investors.
-- TIME IS A TERRIBLE THING TO WASTE, SO STOP WASTING IT --
I love when you pop in here to "add another deal" to your portfolio!
Was this one out-of-state too? Great job!
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
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Congratulations, it is great to hear about the deals being done and the information that is shared. I hope everyone continues to share their new ideas and strategies. Thanks and good luck.
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As far as what I have now the first prop I found a mortgage lender (broker) after around 25 calls to get a cash-out re-fi with NO seasoning period. Then on the next one I had it locked up to move and Sallie/Freddie jacked me...lol. They took the original conventional loans for investment props from 10 down to 4 and from no seasoning to 6 month.
I have a couple more weeks to go until I have met the seasoning and my girl is on it to go the day after. I have another locked up that is being fixed up but luckly my heloc is enough to do two at a time. As for commercial I have to start doing that since my 4 is at the limit for the conventional 30 year fixed (6 mo seasoning).
The commercial loans do not have to be more than 4 units like you may think. They can be for a single, duplex, triplex or fourplex. These have no seasoning but the interest is around a point higher and the ammorization is for 15, 20 and sometimes 25 as opposed to 30. That is only the ammorization what will happen is since it is a commercial balloon this will have to be re-fi'd in 5 years even though it is ammoritized over a longer period.
I hope this helps. You will be doing great even if you can't pay in full do to cali prices...just go for it and don't take NO for an answer. BTW where in Cali I lived there for most of my life before moving to Florida? Good luck!
Peace,
Angie
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME"
Thanks Beautiful,
Those are always nice words to hear. Yes I am still investing out of state. I have built such a great team I want to do it for as long as possible there. BTW I loved your story in the students manual. You're a great inspiration! Thanks again for the kind words.
Peace,
Angie
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME"