Forums
New posts
Search forums
What's new
New posts
New media
New media comments
Latest activity
Classifieds
Media
New media
New comments
Search media
Log in
Register
What's New?
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Navigation
Install the app
Install
More Options
Advertise with us
Contact Us
Close Menu
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Forums
The Water Cooler
General Discussion
Best Interest rates or Investment ROI?
Search titles only
By:
Reply to Thread
This site may earn a commission from merchant affiliate links, including eBay, Amazon, and others.
Message
<blockquote data-quote="FullAuto" data-source="post: 2684801" data-attributes="member: 5110"><p>With 1 house paid off, you can use it for a line of credit to make cash offers on future purchases. Buy in cash, then when you fill them and they show income, refinance to pay off your line of credit. The catch is, you must buy the houses in a manner that they will appraise for high enough that when you refinance at 80% LTV you can still pay off your line of credit without coming out of pocket. If you do miss that number, you may come out of pocket some, but hopefully not the full 20%. </p><p></p><p>I do lower end houses. The cheapest house I've bought was $29,900 and the most expensive was $47k. I try to buy around $40k so I'm in them less than $60k when they are fixed up. Rent is $650-$795. Mortgages are $214-345ish/month on 15 year loans. I did put 20% down on those though. Future purchases will be done using the line of credit method I mentioned above.</p></blockquote><p></p>
[QUOTE="FullAuto, post: 2684801, member: 5110"] With 1 house paid off, you can use it for a line of credit to make cash offers on future purchases. Buy in cash, then when you fill them and they show income, refinance to pay off your line of credit. The catch is, you must buy the houses in a manner that they will appraise for high enough that when you refinance at 80% LTV you can still pay off your line of credit without coming out of pocket. If you do miss that number, you may come out of pocket some, but hopefully not the full 20%. I do lower end houses. The cheapest house I've bought was $29,900 and the most expensive was $47k. I try to buy around $40k so I'm in them less than $60k when they are fixed up. Rent is $650-$795. Mortgages are $214-345ish/month on 15 year loans. I did put 20% down on those though. Future purchases will be done using the line of credit method I mentioned above. [/QUOTE]
Insert Quotes…
Verification
Post Reply
Forums
The Water Cooler
General Discussion
Best Interest rates or Investment ROI?
Search titles only
By:
Top
Bottom