All Forum Posts by: Lisa G.

@Michael Baum I didn’t think about preparing for replacing the furniture. I do worry about vacancies so want to keep the property ready to be an SRT without doing too much. Appreciate that insight.

Hi,

I'm doing my first mid-term rental lease. The property has been a SRT for the past year so is fully furnished. Learning that this is a very different animal! 

First question, any suggestions of what to put in the lease in regards to damage to the furnishings?

Also, somewhat silly question. With the SRT we restock basic supplies between guests - toilet paper, paper towels, shampoo/body wash, laundry detergent. Does anyone also do that for their mid-term rentals? It seems odd to do that for a 3-month stay but not sure.

Former Chemical Engineer, been out of the industry for a while

Good new. I heard back from my Credit Union and they froze the account because they received a "payoff request" from another lender, who I closed on 2/25 a new mortgage. This was my exit on my first rental property where I did a BRRR. I used the HELOC, which is on my primary home, to buy the rental with all cash last year, and refinanced into a 30 year mortgage in February of this year.

Sharing specific language from the Credit Union in case this happens to anyone else: "When a HELOC payoff request is received we freeze the line for draws. Please reach out to [ ] and ask them to submit documentation stating that it's ok for us to unfreeze the HELOC for draws to be made or that you are no longer seeking to payoff the HELOC."

I immediately called the lender for the mortgage, and they said they will send documentation over today. They thought it was strange the HELOC was frozen. So, my lessons learned from this, is yes, a bank can freeze a HELOC for whatever reason. What if I was using this to pay employees or cover bills? Especially now? I got no notice about this, I just saw it when I was doing my monthly managing of books.

Since this happened on a weekend when I couldn't really reach anyone it made me go through a range of emotions including anger and fear. But then I got defiant. I'm a newbie investor, it took a LOT to learn, build up the courage and take the steps to get my first ever HELOC on my primary home. If for some reason this doesn't get unfrozen, I'm back to square one on finding financing. It made me realize that I really need multiple financing strategies. I also know things like this are going to happen and no way can I let one lender stop me on my real estate journey. I'm changing my financing plan because of this. So as always, when unexpected bad things happen, I just learned a lesson!

So I just found out today my HELOC is frozen. No idea why, my financial situation is the same. Also read fine print and haven't violated anything in the terms. When I get on the phone with someone guess I will find out why and what I can do to unfreeze it.

Hey welcome Lola! I'm a also a newbie in Atlanta looking to get my first rental.  I know in-town Atlanta pretty well and have been siting out but so happy to jump in this game. No tips yet but good luck! 

Thanks so much. Putting down for weekend reading.

I think the market is slowing down. I've lived in 30310 for over ten years and know my neighborhood very well. We all saw this coming. This year has definitely been the most activity but think it is leveling out, but not for long.

Hi everyone! My name is Lisa and I'm new to the Bigger Pockets forums. I discovered the BP real estate podcast about a month ago and got hooked! 

Earlier this year I started the process of a flip but had such a hard time finding houses at a good price that I gave up. But after listening to a couple of BP podcasts I realized I went about that all wrong. Now I'm educating myself and learning a lot. My goal is to buy a single family buy-and-hold in the next eight months. I then want to try the BRRR and stacking method to get into a duplex six months later.

I'm open to all and any advice! Also anyone in Atlanta, reach out. I own my home in-town and know a lot about the city, been here over two decades.

So excited to meet new people and get started on this real estate thing!