All Forum Posts by: Anthony Mikolich

Thanks Brent! Any particular reason?..........I wonder it there is anything in the banks HELOC contract regarding this...

Thanks Rosston! I am a fairly regular visitor to Macon, great town! Love the B and H [?] restaurant, the Big House Museum and Mercer U.

Hello All,

    I am about to turn my primary residence of the last 23 years into a rental property. I am hiring a property manager and moving out of state. I have substantial equity in the house and am looking at a very lucrative cash flow opportunity. This is my initial foray into the real estate world. 

I plan on doing buy and hold rentals in the new location. I plan to start slow and grow organically. My question is....if I take out a HELOC now what will happen when my property "goes rental"? Will the bank have to know about this? Will they even care?

I'm looking to play it straight and use this HELOC for seed money in the new location. Thanks in advance!!!

I live in the northeast and want to rent out my house after I relocate down south in the spring time. My house has been appraised at about 319k. I owe 65k. Market rental rate for my house is about 2400 a month.

After paying off the mortgage with the positive cash flow I have the potential for some serious cash flow. This will be my introduction into the real estate business. After relocating I also intend to buy a rental property thus having 2 properties going.

But here is my dilemma! I am emotionally involved in my current house because of my neighbors. I am very concerned with putting renters in here that my neighbors will not be happy with. I want to maintain the integrity of our block. We have all lived next to each other for decades and look out for each other.

My question is......should I just sell and give up a great cash flow? Am I being too nice? How would you guys handle this?

Hey All!

I'm retired, the kids are done with college [payments are done] and I'm relocating to Florida to protect my pension. I'm looking to start slow and involve my college student son.

I'm looking to start by renting out my current home and buying a rental after I move.

Thanks for having me!