All Forum Posts by: David Clinton III

Hi @Joshua White

A HELOC is very flexible. Once you pay it down, you can access the credit again, and pay it down again. With a 2nd or a cash-out refi, Anything you have paid back cannot be accessed again without getting another loan.

The rate for a HELOC will generally be variable and generally higher, while a cash-out refi / 2nd will generally be fixed.

In times of extreme uncertainty in the markets (like we are experiencing now), a bank could freeze access to your HELOC. If you have pulled cash out of a refinance, though, you will have already pulled all the cash out.

Hope this helps!

Welcome @Steven Thomas good to see you here!

@Joshua Norwood, a cash-out refi may be a great option, depending on the rate of your current mortgage, and your goals for the extra money. As Guifre above said, a HELOC may be a better option. If you go that route, Numerica here in Spokane Valley has great terms right now. Message me if you wanna chat more!

Hi @Sam Bone, this strategy is known as "SRO" or Single Room Occupancy. Some people are quite experienced with it. Locally, I've got a colleague I could introduce you to, and on Bigger Pockets, maybe some will pipe in and help give their experience. I know that @Jonathan Kretschmer knows a thing or two about it.

@Kalin Stocker, I had that negative cash flow for 36 months on a Lease Option... tenant-buyer said he planned to exercise early, but waited until the very last day to close! I negative cash-flowed that thing the entire time and it irritated me every month. I would do the refi if you can. Pray for an appraiser in a good mood!  You may remember I tried to do a traditional refi on that deal I had, and my appraisal came in low, so I gave up. Looking back, though, I wish I had challenged it. Sitting there with that much equity and an 11% loan the whole time sure made my private-money lender happy, but I should have gotten out sooner. Live and learn :)

Hi @Ray Mesa, looking forward to meeting you at the next meetup. There is also a calendar of local meetups at www.reinetworking.net

If you ever wanna grab coffee and talk real estate, hit me up. I've been a full time investor here for just over 6 years.

Hey @Dan Mac, welcome! Sounds like a good life... keeping up with kiddos, paragliding, and adding gadgets to the vehicle, while investing in real estate: living the dream!

If you ever wanna meet up and talk shop, I'd love to. Hit me up.

Your format is great. If you attend the Coeur d'Alene REI this week, you can get a good feel for how it's run and what has worked well for that one for the last ~5 years. I'm sure @Nick Beveridge would be glad to share his insight on what has worked well for him since he started it.

I think 6 or 6:30pm start time is probably best. 7pm is pushing the end time a bit late in my opinion.

Hey @Phil Wells, it's good to have more options for meetups. So far, many great Spokane meetup options can be found at www.reinetworking.net
My recommendation would be to find a time that isn't currently offered - like a Tuesday or Wednesday.

Best of luck, I'll come if my schedule allows!

Hi @Chad Kenerson, welcome to Bigger Pockets! I see a lot of great responses on your other post as well. If you'd like to grab lunch or coffee, I'm happy to share some of what I've learned and help you get to the next step on your journey. Give me a call or direct message and we'll get it set up!