All Forum Posts by: Carlos Hernandez

🏡 Looking for Extra Income Opportunities in Seattle, WA - the Rainy City! ☔🏡

Hey there, fellow real estate enthusiasts in the beautiful and often rainy city of Seattle! 👋 Are you in need of some extra help during the weekdays after 3 pm or on weekends? Look no further! I bring a unique blend of skills and experience to the table.

💪 With a background in the construction trade, I'm ready to roll up my sleeves and take on various tasks. Whether it's home improvement, renovations, or construction work, I've got you covered.

🏠 But that's not all! I've successfully managed my own Airbnb business for over a year, so I know the ins and outs of hosting. Plus, I can analyze potential Airbnb properties, helping you make informed decisions in the real estate market.

💰 My main goal? Earning extra cash to fund more exciting real estate deals! I'm eager to dive into hands-on real estate matters, learn, and grow.

If you're seeking a dedicated and versatile addition to your real estate-related business here in the Rainy City, let's connect! 🤝 Let's chat, collaborate, and make things happen. Together, we can take your real estate endeavors to new heights!

Drop a message or comment below, and let's explore the possibilities in this unique and vibrant city! 🚀

🏡 Looking for Extra Income Opportunities in Seattle, WA - the Rainy City! ☔🏡

Hey there, fellow real estate enthusiasts in the beautiful and often rainy city of Seattle! 👋 Are you in need of some extra help during the weekdays after 3 pm or on weekends? Look no further! I bring a unique blend of skills and experience to the table.

💪 With a background in the construction trade, I'm ready to roll up my sleeves and take on various tasks. Whether it's home improvement, renovations, or construction work, I've got you covered.

🏠 But that's not all! I've successfully managed my own Airbnb business for over a year, so I know the ins and outs of hosting. Plus, I can analyze potential Airbnb properties, helping you make informed decisions in the real estate market.

💰 My main goal? Earning extra cash to fund more exciting real estate deals! I'm eager to dive into hands-on real estate matters, learn, and grow.

If you're seeking a dedicated and versatile addition to your real estate-related business here in the Rainy City, let's connect! 🤝 Let's chat, collaborate, and make things happen. Together, we can take your real estate endeavors to new heights!

Drop a message or comment below, and let's explore the possibilities in this unique and vibrant city! 🚀

Hello everyone,

I'm looking for some guidance on my plan to use a Home Equity Line of Credit (HELOC) to fund a fix and flip project. Here's a summary of my financial situation:

**Income:**

- I earn an annual gross income of $48,000 as a journeyman carpenter.

- Additionally, I've been running an Airbnb for the past 14 months, generating $52,000 in annual income.

**Property Details:**

- I have a remaining mortgage balance of $247,000 on the Airbnb property.

- Our conservative estimate for the property's value is between $400,000 and $450,000.

- My monthly rent is $1,600.

- The monthly mortgage payment for the Airbnb property is $2,250.

- I currently have approximately $250 in credit card debt.

**Credit Scores:**

- My credit scores are as follows:

- Experian: 631

- TransUnion: 570

- Equifax: 581

- I'm actively working on improving my credit scores by reducing my credit card debt and aiming to achieve a medium score of over 620 by mid-December.

Now, I'm considering using a HELOC to finance a fix and flip project, with a planned timeline of 3 to 5 months. If anyone has insights on whether this is a realistic approach or if there are alternative financing options or strategies you recommend, I'd greatly appreciate your advice and expertise.

Thank you for your input!

@Andrew Postell so with my remaining mortgage amount it looks like a heloc wouldn’t be a option for me 

@Andrew Postell, thanks for your prompt response. I forgot to mention that I currently have a remaining mortgage balance of $247,000 on the property. 

I currently own a property that I utilize for short-term rentals. My existing mortgage has an interest rate of 4.5%, and I owe $247,000 remaining on it. I have approximately $100,000 in equity built up. I'm considering applying for a Home Equity Line of Credit (HELOC) on this property to finance a fix and flip project. My intention is to access around $65,000 through the HELOC. I'm interested in hearing your thoughts and advice on this plan. What do you think?