40k investment

40k investment

If you had 40k heloc,bad credit,where would you put the money.how do you leverage 40k into something substantial.Just want to see everyones line of thought.thanks

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Billyjack

One of the first things that I would consider is the availability of the HELOC. If you have bad credit and received the HELOC before your credit tanked, then I would have to consider tapping the HELOC and placing the funds in a money market fund to start with. While you will be losing net funds per month with this strategy, it is preferable to losing the availability of the $40K if your bank does a periodic credit check and reduces or eliminates your $40K all together.

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Always Looking to Acquire Houses | Always Looking to Amaze Investors


I agree with

Bill

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Mike

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trust

thanks.the heloc is in a family members name and they want to add me to the account or allow me access to the funds.i have found a three unit with a total rental income 2k per month.asking price is 164.owner will take 30% and finance qual. buyers.It has tenants in it.I am trying to see if hell work with me.my agent is on it.the comps say 320k.he sounds motivated.

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run the numbers

$164k asking--think you can get it down to $150k ?

30% down(150k)=$45k

What interest rate does the seller offer?

Sounds ok

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Mike

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details

waiting for my agent with the hard numbers

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BJCurtis

other items to consider:
how old is the roof,appliances,heat/air/carpets,h2o heaters things that may become expenses in the near future.

Always ask WHY they're selling. How long has he owned it. Research the property to see what he paid for it and when.

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Mike

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total view

total view has it last sold in 2001 for 42k and im trying to find if it was a rehab hold and flip.42k-164 is quite a jump no?

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BJCurtis

How about that? Now you know WHY you research

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Mike

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my agent

went from 20sq.ft now 46sq.ft.New constuction in this area is 150 to 175 depending on materials

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assesors office

133k in improvments,new siding,roof and furnace,pine floor,drywall.

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also res or commer. space

also res or commer. space

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