All Forum Posts by: Austin Dudley

Hi everybody!

I have a primary residence in northern Nevada worth somewhere close to 450,000 and I bought it for 220,000. I looked into getting a HELOC to look for investment properties. I got approved with no problems at all, but there is one thing that popped up that could be an issue. The bank said that I would need to have flood insurance in an AO floodplain ( I need to study to see what that really means). Problem is that I found that flood insurance can be quite pricy compared to the cash flow that I could be receiving through a rental. Has anybody ever had this issue and found a way to resolve it? Thank you for reading my lengthy question and I really appreciate any help!

sorry! I didn’t mean for it to look like a sin! With the limited amount of space to type I shortened single family to sin fam. And thank you for responding so quickly! Rentals go for around 1500 for homes in the 300k to 500k range. Seems low to me but I need to study it more. I am more than willing to invest outside of the area. Being a carpenter, it would be easier to have one close to home to keep up with it, but I am still fine with going elsewhere. For now, my goal is to simply gain income through rentals to help pay for my retirement when that day comes. Thank you again for replying! I really appreciate it!

I live in an area that is rather expensive to own a home. I scored on buying a home for 220k and now years later it’s worth about 460k. Is it wise to use this gained equity in buying another property in my area where buying a rental can mean somewhere around 500k? The interest rates are still relatively low, but I’m unsure of buying a rental in such an expensive area. Would it be better to wait till the boom drops? Thank you for any help!