All Forum Posts by: Brin Dillon

@Michael Baum thanks I’ve read that already! Just looking to find others who are already doing it and get some insight. I’m sure there has to be a way to own an Airbnb if you don’t live in the state! Figured some one would have some tips. I’ll keep searching and asking!

I’m originally from Columbus Ohio but I now live in Las Vegas. I’m wanting to find a place in Columbus to Airbnb. I looked at the laws and it looks like you can’t be out of state running an Airbnb there? Anyone know if this is true or could help me more? Thanks!!

I currently have 100k in equity in my home that I live in. I’ve been contacting several different banks and lenders about a refi, but since I’ve only had the home for 3 years, I haven’t paid the mortgage down much. It’s worth about $330k maybe a little more and I owe $233k on the mortgage. All lenders are saying 80/20 loan to value so my cash out refi is only $28000 I can pull out. Our current interest is 4.875% and the refi would drop it down under 3.5%

Should I just sell the house, take the 100k and buy myself a new property to live in and take the rest and buy one to two more rental properties?

Or should I just keep the current home since we already have, and just let a tenant pay down the mortgage and let the equity keep growing?

Whatever move I make, it will be my first go at investing. I’m excited and nervous and definitely want experienced folks feedback!

WWBPD (what would bigger pockets do? 🤣)

Thanks in advance!

- Brin

Thank you so much! Another thing I'm getting stuck on is if I refinance my current home, obviously that means my monthly payment is going to go up on my mortgage. Also, after I am to buy the BRRRR property and have it renovated and rented, when I refi that property to purchase another, that monthly payment on that property is also going to go up as well. So basically do I calculate those two increase in payments into my cash flow calculations? Say I do all the calculations for my BRRRR property and it seems it will come out to $200 monthly cash flow. Well, after I put into account my increase in my mortgage that I refinanced on my own home, plus the refi I'll do on the rental property, wouldn't that potentially cancel out my cash flow? Probably a dumb question lol but I'm really trying to be as smart as possible going into this new venture and do my due diligence! Thanks so much for the help again I really appreciate it!!

Hi BP fam! So I have currently been diving down the rabbit hole of RE investing and I’m hooked! I love soaking up as much info as I can everyday but I’m still a little confused as to how I should start off with my first rental buy.

I have some of my own money saved up, about 70k but I also have my equity in my current home I own. I have about 80k in equity. (Bought the home for 261k, it's paid down to 234k and it's worth around 310-320k). We still don't technically even have 20% paid into the loan so we still pay PMI insurance every month.

I guess what I’m wondering is, is it smart to take out the equity on the home when we still don’t even have it paid down 20% to purchase another property for rental, or should I just use my own cash for my first one?

Thanks SO MUCH in advance for any and all help 🙏🏼