All Forum Posts by: Claude Florvil

Thank you Dan! This was very helpful. I did not consider vacancies and how long it would take to refinance. 

I applied for a HELOC. One of my goals is to grow my portfolio to 30 units. I currently have two properties, four units total.

I understand that this money is borrowed money, so I dont want to have it locked in a deal for a long time and pay the interest payments. What is the best way to utilize this HELOC to grow my real estate portfolio and mitigate the risks of borrowing a large sum and not pay it back or worse consequences. I figure a fix and flip project? Cash out refinance, pay off the HELOC and then repeat like the BRRR strategy.

How else have you all used HELOC loans? And what are the risks that I may not be seeing/aware of?

Full transparency in that I do not know the best path forward. I also understand there is no one blanket answer to this question. I guess I'm more looking for perspective. If you are someone that is willing to have a quick conversation on the phone I would love to hear your story and share more of mine. Thank you for making it to the end of this post!

Has anyone registered their rental property in Newark, NJ? 

Context: I purchased a 2 family unit several years ago. I have only one Section 8 tenant currently. I would like to increase her rent but I'm seeing that we need to register properties with the city of Newark. I'm not sure if this is always a requirement or recent due to legislation against steep rent increases. Right now, I'm getting well below market rent but it's my own fault. I didnt know how much of a peaceful phlegmatic I was until owning real estate. 

What are the implications of registering my unit with the city? Will they inspect the whole house, or just the section 8?

Are my fellow Newark owners also registering their units?

That makes a lot of sense. I would be surprised to hear that policies were so rigid. Thank you and everyone else for your input!

Hello, I have a 2 unit property and would like to use one of the units for short term rentals. I understand that I may have to use a commercial coverage or landlord/dwelling coverage insurance plan. But commercial coverage is more comprehensive for short term rentals. WIll it also cover the unit where I have a long term tenant? Or do I need two (2) insurances? Please let me know your thoughts? Thank you!