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All Forum Posts by: Kaylee Walterbach

Kaylee Walterbach has started 20 posts and replied 140 times.

Post: Can I be a good landlord?

Kaylee Walterbach
Posted
  • BiggerPockets Publishing Operations Manager
  • Denver, CO
  • Posts 149
  • Votes 525

by Brandon Turner is an excellent resource for a first-time landlord!

Post: 2 Tax Books EVERY REI Should Read!

Kaylee Walterbach
Posted
  • BiggerPockets Publishing Operations Manager
  • Denver, CO
  • Posts 149
  • Votes 525

Thanks for the BP books shout out, Kenny! These two tax books are (in my biased opinion) absolute gems. 

Post: No Money Options for College Student

Kaylee Walterbach
Posted
  • BiggerPockets Publishing Operations Manager
  • Denver, CO
  • Posts 149
  • Votes 525

You should check out the No Money Down book by Brandon Turner. Also, @Pace Jordan Morby's book, Wealth without Cashis coming out May 2!

Post: HELP!! Question about COLD CALLING SCRIPT!

Kaylee Walterbach
Posted
  • BiggerPockets Publishing Operations Manager
  • Denver, CO
  • Posts 149
  • Votes 525

The book series by @David Greene is chock full of scripts! You could start with SOLD... perfect for a beginner agent.

Post: First Time Partnership & LLC Formation

Kaylee Walterbach
Posted
  • BiggerPockets Publishing Operations Manager
  • Denver, CO
  • Posts 149
  • Votes 525

Keep an eye on the BP Bookstore in August 2023... :)

Post: Multi-Family MTR Newbie

Kaylee Walterbach
Posted
  • BiggerPockets Publishing Operations Manager
  • Denver, CO
  • Posts 149
  • Votes 525

I'm very interested in MTRs; I know it's a hot strategy these days! Have you read 30-Day Stay yet?

I'm unfamiliar with the Phoenix market, but Furnished Finder has a great resource where you can get info on supply and demand for MTRs in any given zip code.

Post: My First Investment! FHA House Hacked Duplex

Kaylee Walterbach
Posted
  • BiggerPockets Publishing Operations Manager
  • Denver, CO
  • Posts 149
  • Votes 525

Congrats!

Post: Newbie Using Home Equity to Finance a Deal

Kaylee Walterbach
Posted
  • BiggerPockets Publishing Operations Manager
  • Denver, CO
  • Posts 149
  • Votes 525

Hey! I'm also a rookie, but I was looking into the same thing a few months back. We have equity in our current residence and wanted to use a HELOC to fund our next rental property purchase. We didn't want a cash-out refinance because we got such a good interest rate in 2020.

I recommend looking into the difference between a HELOC and Home Equity loan and deciding which better fits your needs. HELOCs work more like a credit card (to some degree), and HE loans are more like traditional loans. Ultimately, we decided to get a HELOC—whether or not we end up using it to finance our next property, we now have access to that cash if we need it! (With a HELOC, you only pay interest on what you use.)

A few more things to think about:

-Definitely shop around for good rates. You would be surprised by how much it can vary.

-Lenders don't typically like you using a HELOC to finance another property; they want you to use a home's equity to improve that same home. I don't think it would stop them from lending to you altogether, but something to keep in mind.

-A HELOC is a temporary solution, and you need to make sure you can pay off the balance once the repayment period starts (typically after 10 years). We decided that in the grand scheme, we hope to have multiple properties by then and should have no issue refinancing something to pay it off—but make sure your long-term needs and goals fit this concept!

-Learn about the HELOC payment terms/amounts and work that into your deal analysis like any other expense to ensure the numbers work. (Example, if you use you HELOC for a down payment, that means you're paying $X in interest every month during the draw period. Make sure that $X amount doesn't put your cash flow in the negative.)

From one rookie to another, I hope this helps!

Post: What goals are you looking to accomplish by the end of 2023?

Kaylee Walterbach
Posted
  • BiggerPockets Publishing Operations Manager
  • Denver, CO
  • Posts 149
  • Votes 525

Starting out AND scaling! I want to turn my primary residence into an investment property, then purchase my first "real" investment on top of that :)

Post: What held you (or is holding you) back from starting your real estate journey?

Kaylee Walterbach
Posted
  • BiggerPockets Publishing Operations Manager
  • Denver, CO
  • Posts 149
  • Votes 525

Living in an expensive market! I know there are options (investing out of state, raising capital, etc.), but it makes it all the more intimidating to get that first investment rolling.