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All Forum Posts by: Jeremy Medina

Jeremy Medina has started 8 posts and replied 17 times.

Post: Looking for real estate attorney/recommendations

Jeremy Medina
Pro Member
Posted
  • Posts 18
  • Votes 13

Hi, BP family. I’m looking for a local real estate attorney or recommendations on how to go about making sure my first rental property (long-term) and lease is up to rental standards/local and state laws. What appliances are required and what are “amenities”? Can I charge pet fees? Etc. Things like that!


 I was planning on starting off with the BP Landlord Docs as a starting point and then talking with a local real estate attorney in my area? I’m in the South Houston Market (League City). I’d be very appreciative of any advice or recommendations on how you would go about making sure your first rental property started off on the right foot! Thanks!!!

Post: HELOC Question Starting out

Jeremy Medina
Pro Member
Posted
  • Posts 18
  • Votes 13

Thanks Aaron, I have a good interest rate at 2.7% currently that makes apprehensive to refinance even though I've heard people say not to be so focused on interest rate. Thats why I'm looking at HELOC to use as capital on my next investment. I appreciate your advice!

Post: HELOC Question Starting out

Jeremy Medina
Pro Member
Posted
  • Posts 18
  • Votes 13
Quote from @Aaron Francl:

Good stuff @Jeremy Medina I'm planning something similar for my primary home. Keep following this path, like you're doing now, with ample due diligence and make sure you understand fully the terms of both your draw and payback periods. 

Ideally you'll be able to purchase something that can repay that HELOC initial interest period down so you're not coming out of pocket. Just be prepared to ultimately make those full payments and hopefully you'll land an asset that can either generate cashflow to take care of your monthly portions or it can be refinanced along with value adds to the property.

If you end up pulling the trigger and have a good experience please let me know!


 Will do Aaron, thank you!

Post: HELOC Question Starting out

Jeremy Medina
Pro Member
Posted
  • Posts 18
  • Votes 13
Quote from @John McKee:

You can get a heloc on rentals.  The rate is a little higher.  TD bank can offer these.  You might be able to get away with getting a primary heloc in the meantime since you are living there. 

Thanks for the advice John, really appreciated!

Post: HELOC Question Starting out

Jeremy Medina
Pro Member
Posted
  • Posts 18
  • Votes 13
Quote from @Scott E.:

I don't know of any banks out there who do HELOCs on investment properties anymore. I'm sure they are out there (maybe a local credit union). But not as prevalent as they were a few years ago,

Thank you for the info and response it’s greatly appreciated!

Post: HELOC Question Starting out

Jeremy Medina
Pro Member
Posted
  • Posts 18
  • Votes 13

I plan on turning my primary home into my first rental property. Should I take out a HELOC in my primary residence before switching it to a rental? Is a HELOC only allowed from your primary? Thank you!!

Post: Primary residence to first rental

Jeremy Medina
Pro Member
Posted
  • Posts 18
  • Votes 13

Hi BP family,

I plan an turning my primary residence into my first rental. Do I have to switch to landlord insurance? What other things should i be thinking about regarding turning a primary residence into my first rental property? I probably will use a PM since i will no longer be in the area. Thanks for any and all advice. This is an exciting start to my investment journey! I look forward to networking with anyone willing to share their stories and advice to someone eager to learn. Also, if you or anyone you know is interested in the learning more about the Coast Guard and how awesome of a service it is, please reach out!