All Forum Posts by: Adam Reiman

@Taylor Adams yeah first two years you are not supposed to rent it out. I am halfway as of today

@Sean Powers I am one year ahead of you on this adventure 20 minutes south in Ellijay, GA. We ended up building and it took a while, got the keys in April. Had fun all summer furnishing it and building a fire pit etc. Listed for rent in August on all booking sites. Listed below rate to get bookings and build up good reviews. Getting 3k for Christmas week!

We also used the strategy of telling the mortgage company we would be living there. I have one full time rental, (LTR) in Dallas, my home, in Dallas and now an STR in Ellijay GA.

@John Underwood I agree, my CPA said just run it without the LLC, common misconception that it provides more tax benefits. As far as liability he said get an umbrella policy if I am worried.

Thanks Alex J! I am working with Wells Fargo as we speak. They no longer have the banking relationship requirement.

I need to get a HELOC to take advantage of an opportunity. I started an application with my local credit union, but they only allow primary residences. Tried Chase next where I bank and same deal.

I have great credit and income. Where can I get a HELOC at a reasonable rate?

Leave the FHA loan as is. Rent to tenant.

Get a conventional loan 5% down and move into the new place.

Quicken loans allowed me to do this no problem. But both are SFH and not multi families.

I just question to point of paying for a refi out of FHA (if there is the equity) only to use FHA again to get a 3.5%, just save the headache and pay the 5% and get a conventional primary residence loan for the new place. And PMI is not forever

Thanks! Everyone. I ended up getting 5% down conventional with lender paid closing cost from Quicken loans. Such a cool house very excited.

So I just bought my second house a month ago on a block where all the houses were built on TV and given away, top of the line lights, faucets appliances etc. 2 doors down a house sits vacant as the winner lives out of state. Talk on the block is that she "wants to rent for 1200". I see I evidence that she has anyone working on renting it and I totally think it could get 1500. I am thinking of contacting her and proposing she sell me the place owner finance. I would like to have most of the details hashed out before contacting her. Have any of you ever worked one of these deals? Obviously I want to cut as many middle people out of the process. Can I just draft an agreement and us both sign? Will I need a closing attorney and or tittle person?

Thanks everyone for the quick responses. I guess my preferred plan would be to talk her into a either an owner finance note to myself or a lease purchase to me. Then I think I could legally manage it without paying my wife's broker.

What do y'all think about if I lease purchase it? A little short on down payment funds as I just bought the house 2 doors down.

My neighbor 2 doors down has a beautiful house furnished and lives out of state. Rumor on the block is she wants to rent for 1200. I am sure it will bring 1500. Should I contact her and talk her into letting me manage it? I am not a broker, but do manage one other property that I own. Also my spouse is a realtor. Should I try managing it on the down low? Have my spouses broker run a quote? And or offer her a lease purchase since she doesn't seem to know the value. She won it on a tv show.