New Member

[asparagus]

I have just joined the REIN group and I`m very excited to begin purchasing some real estate.
I attended the last Quick Start program and have got my personal Belize started and have also put most of the documents in my Binder for the bank.
I have also received my memembership binder and completely read it.

I just read "Rich Dad Poor Dad" and I`m all fired up. I will be attending the workshop on Dec 4th. I have had appraisals done on my existing 2 properties.
Is using equity my best option to get my first property as a REIN member?

Kevin Knowles

 

[mikecunning]

QUOTE (asparagus @ Nov 24 2007, 03:38 PM) I have just joined the REIN group and I`m very excited to begin purchasing some real estate.
I attended the last Quick Start program and have got my personal Belize started and have also put most of the documents in my Binder for the bank.
I have also received my memembership binder and completely read it.

I just read "Rich Dad Poor Dad" and I`m all fired up. I will be attending the workshop on Dec 4th. I have had appraisals done on my existing 2 properties.
Is using equity my best option to get my first property as a REIN member?

Kevin Knowles

Hi Kevin:

Each person`s situation is unique and without knowing about your own personal circumstances it is difficult to comment. By `using equity` I assume you mean equity in your own house. Yes, that is an excellent way to get started! Very quickly you may run out of equity in which case it`s time to find JV partners.

Good luck

Mike

 

[GarthChapman]

As Mike said each person`s situation is unique. One thing to concern yourself with when refinancing existing rental properties (as I think I understand to be your intent) is that you might make them cashflow negative by increasing your monthly ayments, and that can impact the banks` views on your portfolio.

I recommend you seek the advice of your mortgage broker - and that you post this post in the `Ask an Expert` forum. You will find good responses from professionals in the field.

And welcome aboard!

 

[asparagus]

QUOTE (mikecunning @ Nov 24 2007, 06:28 PM) Hi Kevin:

Each person`s situation is unique and without knowing about your own personal circumstances it is difficult to comment. By `using equity` I assume you mean equity in your own house. Yes, that is an excellent way to get started! Very quickly you may run out of equity in which case it`s time to find JV partners.

Good luck

Mike

Thanks Mike