All Forum Posts by: Jim Sebring

For properties under 250 check out Carrollwood, Brandon or Lutz. I have 2 homes in Carrollwood I posted for rent recently and had over 150 inquires. Big demand here for rentals. 

Reading some of the other threads. I'm going for cashflow,  so why would anyone want to saddle a property with more debt using a heloc?  I dont get it. Dead equity? People here act like the heloc is free money. 

Buy and hold newbie here. 

I recently closed on a 3/2 in Tampa with existing tenants (lease ends next month - they are moving). This property needs extensive remodel. Costs should be approx 20k. 

I have 200K in equity on some other properties.  Should I pull out some of this equity for the rehab, or use my own funds for the rehab? If I use my own cash, it would take a long time, perhaps 4-8 months to complete the work. I'm OK with this as I can float the payments. Or,  would it be better to pull out some of my equity and rehab the place MUCH faster.  I dont like the idea of using a Heloc but maybe my thinking is flawed. Any help appreciated!   

Property - 3/2 in Tampa
Bought for 125k with 20% down (30yr @ 4.7%)

Rent = $1100
Cashflow = $248/mo

After Rehab rent = $1375
After rehab cashflow = $523/mo