All Forum Posts by: Loren Clive

apartments.com

it's better for just one person to be on the loan, if you can qualify that way, because otherwise the entire balance will count against each person on the loan, i.e. each person is jointly and severally liable for the debt. Therefore, it will be hard for any of you to get additional loans without a change in your income(s).

you need to find a good investor-friendly lender who can explain some things to you, not the credit union. 

yes, I did it and think it's a better option than the cash-out refi since you only pay interest (and interest-only payments at that) on the money that you use. Also has lower closing costs. No way would I refi into a higher interest rate loan in your position.

I still have the HELOC on my first investment property that I have used at various times, then paid down, now have over $200k to draw if I needed it.

I've never actually done the cash out refi part of BRRR, so hard to say on disadvantages.

talk with some other lenders, and don't tell them so much about your plans. The best way to structure this is to inhabit one room, rent out the rest, then you could get first time homebuyer preferential rates and financing. 

it would be better for just one of you to be on the loan.

lenders chime in here!

I did a multifamily first and highly recommend it. The downstairs unit covered my mortgage and I lived for free, qualified for more loans and bought 8 other properties over the next 10 years. Have refinanced, got a HELOC on it which funded other deals. It was the one that started the snowball. Still own it, and it cashflows $3k/mo! It's my baby

But I would look at all your options, run the numbers on everything and make the best deal you can

When they make private property illegal. it would be stupid to sell my cashflowing portfolio right now at the historically-low interest rates I have on my loans. Yeah, I could take the cash and run, but I'd have to reinvest it all to stave off inflation. 

This is an odd question for this forum.

look for deaf or hard-of-hearing folks

If they are good tenants, I would just charge them an extra $100 for utilities for the extra person. 

My hubby dealt with this on Maui. Homeless dude living in van on street, washing up at the rental. It was uncomfortable to say the least. Good luck!

Location. View. Uniqueness of property. For example, here on Maui 3br vacation rentals are pretty rare, so I'd be willing to pay more for that. Upside, i.e. ability to add value either through remodelling, adding bedrooms or additional dwelling, and/or self-managing to improve returns, etc.

I only invest on Maui, a market I know well. Not too concerned about population growth and/or employment since we have low unemployment and more people who want to come here than housing available.

One thing I've learned working with buyers is the vastly different definitions of a good deal. Some people just want a tax shelter that they can vacation in and break even. Others have a specific ROI with unique formula as to that calculation. So interesting what people want!

I would say buy yourself a house hack. If you're living out of an RV, you will be able to improve vastly your standard of living, get rental income to qualify you for more purchases, and enjoy appreciation on your home. 

Not sure what you're looking for, i.e. how you intend to make money real estate investing, but deals are getting harder to come buy in this smoking hot market, so I understand your angst.

Hang in there, and get rich slow!