All Forum Posts by: Josiah J Hein

So the H in HELOC obviously stands for Home. Most banks require you to live in the home as your primary to qualify for the HELOC product. That being said, if this isn't a primary residence you can always cash out refinance. I would shop local smaller banks or credit unions though for a business or other line of credit. I like lines of credit because when you pay them off, you're essentially paying yourself back and can use them over and over again, where a refinance is not liquid! I hope this helps!

Hello. You don't need an LLC to operate on Air BnB. You can just give them your S.S. for a 1099.

Good investing!

Investment Info:

Townhouse buy & hold investment.

Purchase price: $75,000
Cash invested: $20,000

Turn key 2bd/2ba townhouse in Tulsa Oklahoma. Bought this as a long distance investment after reading David Greene's book on out of state investing, just to see if I could and would like it! So far soo good! Cashflows about $350/mo. Only minor repairs needed and property management company has been great to work with.

What made you interested in investing in this type of deal?

I love the fact I have never been to this state even and this property gives me a solid return. I also love how passive out of state investing is and having the ability to invest in a landlord friendly state, even though I don'tlive in one! I will definitely continue in the future!

How did you find this deal and how did you negotiate it?

Zillow

How did you finance this deal?

Conventional 25% down

How did you add value to the deal?

Had HOA do paint and repairs on the outside they were responsible for and neglecting.

What was the outcome?

Happy tenant, happy owner 😊

Lessons learned? Challenges?

Working with the property management to get HOA to do their job was a pain and took weeks of consistent calls and emails, but we persevered!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, Loni @ Key Renters Tulsa. He's also the manager for the property management company and was my agent and listing agent! One stop shop FTW!

Investment Info:

Townhouse buy & hold investment.

Purchase price: $75,000
Cash invested: $20,000

Turn key 2bd/2ba townhouse in Tulsa Oklahoma. Bought this as a long distance investment after reading David Greene's book on out of state investing, just to see if I could and would like it! So far soo good! Cashflows about $350/mo. Only minor repairs needed and property management company has been great to work with. I love the fact I have never been to this state even and this property gives me a solid return. I also love how passive out of state investing is and having the ability to invest in a landlord friendly state, even though I don'tlive in one! I will definitely continue in the future!

Investment Info:

Other other investment.

Purchase price: $100,000
Cash invested: $100,000

Tiny house STR/Land hack. We set up a high end, custom mobile tiny home @casitadevenado it has a beautiful view, Gazebo with hot tub and gas fire table under the gazebo on the half wrap around deck. We launched it May 18th 2022 and had a C.O.C. return of approximately 40% in out first year!

Investment Info:

Single-family residence buy & hold investment in White City.

Purchase price: $185,000
Cash invested: $10,000

Bought as a primary residence in 2017, did a light interior remodel 2020 and made it our first rental. Have been self managing and just did a cash out refinance on the property in 4/2021, pulled $50k out and the house payment only went up $50/mo and still cash flows around $800/mo. This is how I got absolutely hooked on R.E. investing!

What made you interested in investing in this type of deal?

R.E. investing has always been me and my wife's goal!

How did you find this deal and how did you negotiate it?

Bought off MLS with a R.E. agent.

How did you finance this deal?

30yr fixed conventional loan.

How did you add value to the deal?

Bought under market value, replaced flooring with LVP, painted interior, vanities and kitchen cabinets.

What was the outcome?

Was able to rent out for $1,800/mo, cash out refinance and pull $50k equity out as well as still cashflow around $800/mo.

Lessons learned? Challenges?

It's cheaper to higher a professional to get jobs done than it is to try to do everything yourself and deal with extended hold times and taking away from family/life/ other more productive business activities.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes.

@Michael Velez who is your agent/PMC?

@Ash Fields, I'm Interested in your PMC as well please!

@Jeff Winecoff what company did you end up going with and why?

@jose naranjo , how did this investment in Canton work out for you?