All Forum Posts by: Dan Shelhamer

Looking at getting into STR's. Does AirBnB and VRBO have you take pictures of the place before each rental?

@Jim K. My wife and I have been doing the credit card hacking for travel points and love it. Can’t remember the last time we paid for a flight. Taking my parents to Hawaii in a couple weeks, round trip airfare for 4, paid for by credit card points.

@Jim Vanhorn that's awesome, nice work! When you paid off the loan, were you able to use that same loan again like a credit card or HELOC? Also, what company did you get it through?

@Jason D. congrats!  Super creative! 

@Justin Kane good to know! I was just wondering if these are viable lending options.

@Caleb Heimsoth I haven't.  I just always get them in the mail and was wondering if they are legit.

I use the Bigger Pocket's Residential Lease for my rental's.  However, I am a little confused with their verbiage on the late payment part.

"(E) Rent (including any Additional Rent) is due on the first (1st) day of each calendar month.Time of such payment is of the essence of this agreement. Any payments paid after the __fifth___ day of any calendar month shall be deemed late. Any late payments shall be charged a $_________ late fee for the first day rent is late. . The Rent shall be automatically increased $10, plus 5% of the amount by which the Rent exceeds $500, as additional rent, if received by Landlord after the 5th of the month for which it is due. All late fees shall be deemed Additional Rent payable by Tenant."

It seems very complicated.  The rent being increased by $10?  Does that mean every month going forward the rent is $10 more?  I use Buildium, and their doesn't seem to be a way to input this type of late charge.

@Tom S. Let's say you use a HML to cover 75% LTV of the ARV. Then use one of these loans to cover the other 25%? Do you think a HML would allow that?

@Andrew Postell Interesting, so this is a debt consolidation loan only? They don’t give you the money to use as you wish?

@Jt Vega so you used this money to do a real estate investment?  I'm wondering if SoFi cares what the money is for?

I receive multiple of these letters in the mail every week about "Pay off credit card debt with a no-fee, fixed rate personal loan".  It always says I'm pre-approved for anywhere from $35k-$75k.
Has anyone every used these in lieu of a hard money lender or private funding? Just wondering about the pro's/con's of these. The interest rates say fixed rates as low at 5.74% (rates range from 5.74% to 28.74%) with no pre-payment penalty. Seems like it would be half the cost of using a hard money lender to do either Fix & Flips or BRRRR's if you get a rate around 6%.

I receive multiple of these letters in the mail every week about "Pay off credit card debt with a no-fee, fixed rate personal loan".  It always says I'm pre-approved for anywhere from $35k-$75k.
Has anyone every used these in lieu of a hard money lender or private funding? Just wondering about the pro's/con's of these. The interest rates say fixed rates as low at 5.74% (rates range from 5.74% to 28.74%) with no pre-payment penalty. Seems like it would be half the cost of using a hard money lender to do either Fix & Flips or BRRRR's if you get a rate around 6%.