All Forum Posts by: Jesse Kleiber

Hi all,

Feel like I have this one kind of sorted out but I just wanted to run it by some people who may know better than myself.

The plan is to pull out a HELOC to help subsidize a downpayment on my next rental property. The issue that I'm facing now is whether I want to pull it out against one of my rentals or on my primary.

I have found a bank that will allow me to borrow as a second lien on rentals but their rates are higher than what I could get when just doing it against my primary.

What I'm most worried about is what happens in a worst case scenario, should something drastic happen in the market.

From what I understand, using the money against a rental doesn't necessarily provide much more of a safety blanket in case things hit the fan because if, somehow, the HELOC lender can't recover their money, you'll get sued anyways. In which case, I suppose you can find the money somewhere else and not risk the house you live in. Whereas, if you were to default on a HELOC against your primary, you immediately go into foreclosure and have a bigger concern than getting sued?

All-in-all the amount of the loan shouldn't be substantial enough to the point where I wouldn't be able to cover it out of pocket anyways if need be, just want to make sure that I'm not missing anything.

Does it sound like I have the situation figured out or is there something I might be missing? Anyone faced this situation? What route did you go?

Hello all, wondering if some would be willing to share what they're paying to get rooms painted these days. Had a tenant abruptly move out and they decided to sloppily paint several rooms. Will need to repaint walls/ceilings/trim and want to get a good gauge on what's fair to charge for a repaint.

Hi all,

First post after lurking for a while. Close to approving a well qualified applicant for my second rental property. She has two children over the age of 18 living with her who have not filled out an app yet. I am planning on screening them both to check out their background but was curious about what everyone is doing as far as putting 18+ kids on the lease.

If it ever came to chasing them down for money, I don't think I'd get far based on what I've seen here but are there any other reasons to add them? For example, if the lease holder skips town and the other occupants have rights, would them being named on the lease make an eviction simpler or is the only reason to list them on the lease to hold them financially accountable?

I know similar questions have been asked here but haven't seen any look at it from this angle.