All Forum Posts by: Amit Saini

It's not a binary decision - do both. CORefi will get you better long-term rates. HELOC on it will open up an additional source of funds as and when you need it.

Too high. Shop around. DM for reco.

The homes are in move-in ready condition i.e. no rehab required or no major issues uncovered in the inspection report?

I ended up going the HELOC route and avoided construction loan.

Getting your primary house & house-hacking (or adding an ADU to it) will help with your dual-goal of owning a primary residence (and benefitting from MID) & generating income from it (partially offset by depreciation). There are some other threads on BP with ADU addition success stories.

Good luck!

@Matt Jones mind sharing /Dm’ing your CU name. Congratulations on the great financing!

What does it mean to be investor friendly? Lower fee in lieu of more deals? I understand the title insurance fee itself may be set by the state.

Instead of trying to convert to duplex/triplex which requires zoning change, try to see if you can build an ADU. That's legally permitted by the state provided you meet city planning criteria.

Tried LendingOne, too high at 9%. May opt to use HELOC.

@Account Closed - one thing that can help you is scenario comparison to account for different cases. Depending on where you're living, you're probably aware of increased tightening of STR/Airbnb. Many places in CA have made life miserable for Airbnb owners. Would the property continue to break-even at minimum if you switched from STR or long-term rental? At the end of the day, as long as you have confidence in your numbers & have made reasonable assumptions, it will work out with a 5+ year time horizon. One of the best things about real estate is the flexibility it offers - STR/LTR, value-add, rezoning, refinancing etc. The creative investor generally finds a way to make money assuming it's acquired at a fair price. All the best!