All Forum Posts by: Josh Edelman

I did it in Vegas - the home across the street I bought and needed 60k down payment. I took a HELOC out of my first property (my primary residence) to fund the second property. I moved into the second property and rented out the first. Let me know if you have any questions!

Well, it's not a simple answer, and there are some things you need to consider before making the switch. I'd talk to a lawyer who knows about estate planning and asset protection to get some advice on whether it's a good idea for your specific situation.

If you do decide to make the switch, you need to be prepared for some legal requirements and paperwork. You'll need to file new deeds, update title insurance, and maybe even get some approvals from local government. Plus, you may end up owing more in taxes, so you should talk to a tax expert too.

Overall, it's possible to transfer your rental property to an LLC for asset protection, but it's important to do it right and get some advice before you make any moves.

@Anna Freitag How are things working out so far? Any luck?

I do! I have a rental in centennial hills and rent it out to traveling nurses/military/professionals. I make $3000 renting it out, the mortgage is $1500 plus the utilities so I am profiting $1000/mo. Ain't bad! Let me know what questions you have. Been a learning process for sure. 

Just some quick info for you. Sounds like mid term rental and you won't need a license. But here is the regulation in short form:

🌙 - Short-term rentals are defined as rentals of less than 30 days.
💼 - Under the new regulations, property owners will need to obtain a short-term rental permit, pay a fee, and comply with various safety and health requirements.
🛌 - The regulations also limit the number of occupants in a short-term rental to two persons per bedroom plus two additional persons.
📞 - Short-term rental operators must also provide contact information to neighbors and respond to complaints within 30 minutes.
💬 - The regulations were developed with input from stakeholders, including short-term rental operators, residents, and community organizations.

Great info! Thanks for sharing

Depends on the situation, I'd say if you're going for cash flow and have the liquidity, put down 20% to avoid PMI and reduce your monthly payment. If you don't want to front that cash, do 15%.

I used a private lender and at the time it did not have rental come. I used the HELOC to buy the home I could move into, and then rent it out.

 Best tools that can help you:

- Build your own excel. I say this because you will truly learn each part of the equation. Take it step by step. Even though there are tools out there to plug and play, understand the foundation.

- Talk with your lender or agent - they typically have the most accurate and precise tools when it comes to the real estate market your in

- AI! Now we have articial intelligence, ask it anything!