All Forum Posts by: Kari D.

Hi Eric. It’s been a year. How has your demand and occupancy been? ADR? Are you turning yourself or did you find solid cleaners out there? Would love to hear your feedback now that you have been operating out there for awhile now. We are looking to purchase out in Granite area and curious if you’ve found the investment worth it :-)

@Mike Hoover thanks for the 2 cents! Don't want to sell. PITI is considerably less than rent in our area. And when we are ready to Move, primary should have cash flow. Still leaning towards leverage since I'm impatient to save up, but appreciate your validation on my thoughts about refi :-)

Advice please!:

My husband and I have a primary residence valued at around 550k with 221k owed @ 3.875%, around 25 years left on the loan. We also have a 100k heloc, with 20k currently used & a 20k HVAC loan tied to home @ 5% for 30 years. We are trying to get everything in order to start purchasing investment properties, using leverage. One consideration was to increase the HELOC, hopefully to around 200k, and leverage that. My lender had suggested to consider a cash out refinance @3.15%, 200k cash out being the highest option, which in turn would force us to close out 20k HELOC, as well as pay off 20k HVAC loan.

My thoughts on cash out refi:

Closing costs are expensive, around 7500. We would wipe out our other debt, but the interest incurred on the debt wiped out over 30 years is considerably higher than the interest on the debt if we were just to escalate its pay off ourselves (at least with HELOC). At the same time, our payment on the cash out would be considerably lower than our debt payments. Allowing us to stack more cash. If the economy takes a dump, we will have the cash in hand and still be able to utilize it to purchase investment properties. Also pressure to deploy money as we don't want to be paying interest on borrowing money for nothing!

Thoughts on HELOC:

Cheap closing costs, $125. HELOC can be locked at a point higher interest rate if we get nervous about variable. If the economy takes a dump and home value plummets, they could limit our line of credit, or maybe even call it due?! Which wouldn't help us move forward in purchasing investment properties. Still have other debts we need to throw money at. Nice that we only have to pay as we use it.

Given the current uncertainty of the world and the overview of my situation, what would you do?

Advice please!:

My husband and I have a primary residence valued at around 550k with 221k owed @ 3.875%, around 25 years left on the loan. We also have a 100k heloc, with 20k currently used & a 20k HVAC loan tied to home @ 5% for 30 years. We are trying to get everything in order to start purchasing investment properties, using leverage. One consideration was to increase the HELOC, hopefully to around 200k, and leverage that. My lender had suggested to consider a cash out refinance @3.15%, 200k cash out being the highest option, which in turn would force us to close out 20k HELOC, as well as pay off 20k HVAC loan.

My thoughts on cash out refi:

Closing costs are expensive, around 7500. We would wipe out our other debt, but the interest incurred on the debt wiped out over 30 years is considerably higher than the interest on the debt if we were just to escalate its pay off ourselves (at least with HELOC). At the same time, our payment on the cash out would be considerably lower than our debt payments. Allowing us to stack more cash. If the economy takes a dump, we will have the cash in hand and still be able to utilize it to purchase investment properties. Also pressure to deploy money as we don't want to be paying interest on borrowing money for nothing!

Thoughts on HELOC:

Cheap closing costs, $125. HELOC can be locked at a point higher interest rate if we get nervous about variable. If the economy takes a dump and home value plummets, they could limit our line of credit, or maybe even call it due?! Which wouldn't help us move forward in purchasing investment properties. Still have other debts we need to throw money at. Nice that we only have to pay as we use it.

Given the current uncertainty of the world and the overview of my situation, what would you do?

Seeking ideas and advice on how to improve indoor air quality. We have a cinderblock home built on a concrete slab from 1952. Have had IAQ tested twice and readings showed higher levels of Co2 (house was closed up prior to testing), as well as slightly elevated humidity and slightly elevated levels of VoCs. No mold showed up in testing, however mold was recently discovered in bathroom and remediated. The levels weren’t alarming per say, but home has been known for “feeling stuffy”. There is no ducted heating. Was originally baseboard heating when we purchased and was recently replaced with ductless heat units. Windows are newer vinyl from the past 10 years. Attic insulation was cleaned out and replaced in the past few months with light and chimney futures being insulated in attic beforehand, Gable vents were added in addition to extra soffit vents to bring house up to code. Panasonic vent was added in bathroom and is basically running all the time at 100cfu to help exhale air from home. There is a microwave kitchen vent above stove that is always being used when cooking (electric), as well as turned on through the day to help exhale more air from home. After all this work has been done, the home still remains “stuffy”. We have a Co2 monitor plugged in that most of the time stays off under 800, but at times throughout the day it can alarm when levels reach over 800. At this point we are scratching our heads wondering what the next step is to do to improve IAQ in home. House is in WA state so it is difficult to leave windows open for ventilating given the weather. Worried if we put even more ventilating in that it will counteract the heat being produced from the ductless units. Another theory is that because it is a cinderblock home that possibly this may be another reason house isn’t breathing well. If anyone has experience with this I would appreciate your thoughts and advice!

@Jim Goebel all valid points! Exactally what I was thinking. Figured I would post on here and get more feedback on the subject. Yes, I would be financing. 

Looking at a duplex deal. One level is fully remodeled and rented. Other level is only partially remodeled & unfinished But has supplies being sold with house to complete remodel project. The exterior of the home still needs Low maintenance landscaping installed as well as partial fencing. Sounds like the contractor/owner stopped midway through because he ran out of money.

We are looking to make an offer on the deal, with the contingency that the owner/contractor will complete all work necessary to make second unit rentable and have exterior landscaping completed.

Has anyone dealt with a situation like this before? How can I make a solid contract/offer that covers me in the case that the contractor/owner falls through on his promise to finish project before funds are released? Any other suggestions?

Thanks in advance! 

Anyone have a home inspector they trust and use in Spokane? Thanks in advance! 

Looking for property management recommendations for Skagit County area. Specifically Burlington WA.  Thanks in advance!