All Forum Posts by: Lisa Hoover

@Richard 2015? You were ahead of your time. 2024 and most still haven’t heard of selling equity

@Joey Budka

Well there are huge companies with programs UNLOCK, HOMETAP, POINT

They have been doing these equity sharing deals at least ~~8 yrs now

@Hoshang Hafizi just a few thoughts…

1. Get a real estate attorney!

2. Make an appt with the county zoning dept. They can tell you everything!

about the parcel and any errors etc ( I take it's a standalone home not in a subdivision or an HOA). I'd rather work with zoning than an HOA anytime. I've ALWAYS found zoning to be very accommodating to me, a onsey twosey investor vs some big developer.

Also zoning can get you to the STREET ADDRESS ASSIGNMENT CLERK…

If it is a duplex and u want to use it as a duplex… it’ll need an additional USPS ADDRESS.

That’s actually FREE & FAST…

The clerk did it for me (county just north of Charlotte NC) while we were on the phone!! I was impressed.

3. What kind of properties are nearby?? Any other SFH's that are really duplexes? You can refer to those addresses as you talk with zoning. : )

@John MasonHi John… my little area of the planet, Charlotte, NC is also “highly tilted” for appreciation!

My #1 reason I buy for appreciation?

I call it LUMP SUM POSITIVE CASH FLOW!!

I can get big chunks of cash ($40,000, $20,000, $80,000 whatever,repeatedly every couple of years!!! ) in my hand quickly ✅✅✅✅WITH NO TAXABLE EVENTS!! HE loans & HELOCS❤️.

(Not so in the stock market, or FLIPPING HOMES! BIGTIME tax hits, owwww)

Now there are even EQUITY BUYING/sharing CO’s out there— UNLOCK, Hometap etc. That’s a big chunk of tax free cash with ZERO monthly payments!!

(Remember there’s no free lunch… they get repaid or refi’d in 10 years or the term you agree on.)

I’ve always invested in LOCATION LOCATION and APPRECIATION!!

I only buy ‘newer’ properties…

2000 & newer. Maybe back to 1995..

Older homes are money pits. One new roof is $12,000+ yikes. HVAC about the same. Those are hits & negatives I can’t deal with!

As long as I have a great tenant and a livable negative ~ $200/mo for me, I smile daily.

I bought a condo in 2018 $200,000

I’ve put $140,000 cash BACK in my pocket since then in varying home equity lines.

That jewel is still appreciating, and I’m older now… so I’m doing an EQUITY SHARE

.. I’ll post and let everyone see how that works out : o

Since 1980, Charlotte has been wonderfully dependable, predictable and never boring!!

@David Bowles

First— I’d do the deal. Secoond— Is keep the tenant : )

The key here is the price point..you find a tenant that takes care of a $45k house... keep her... she’s smart enough and responsible enough to be there 4 years. Keep her— but also on month to month.

One thing, please:

Always hire a licensed home inspector on ANY purchase... on rentals the current owner doesn’t know the TRUE state of the property.. it’s a rental!!

That’s why on PROPERTY DISCLOSURES on a regular sale the landlord/owner must choose N/A

because they don’t know the current state of their own property because they don’t live there.

I’m not saying you’d back out of the deal or ask for repair money... NO INVESTOR buys a property without a home inspection just so YOU KNOW what repairs are coming— and that any work done the correct permits were pulled etc.

You can also call YOUR NEW homeowners INSURANCE co and ask them to pull a CLIO report of any prior claims... that can be a big help to.

Good Luck with your new property!

@Sue K. Hi Sue,

That law background definitely shines thru in your post. I’m a long retired pm too. Amazing education in working with the public🙄.

I’m following you : )

@Nick W. Graham’s

I agree... even if you give her a month to month lease... you want YOUR LEASE in place on all of your properties!!! When u go to court— it’s always interesting to see how many independent landlords don’t EVEN KNOW THE TERMS OF THE LEASE IN PLACE... I though they were just ‘careless’ but I’m sure it’s more likely they inherited a tenant and lease. Live and Learn : )

@Jerry Padilla

How difficult is it to leave the mortgage in place and do a HELOC on the properties?

Is there a general cap on size of a HELOC? (I've heard $185,000)

Are all HELOCs floating interest rates?

What are the drawdown time limits?

(Ive heard 10 yr and 15 yr on primary resid. )

Closing costs? Appraisal and ??

@Alice Huang Are there any types of owner financing other than buying:

"Mortgage free" properties

And

"Subject To" properties

@Melissa Ward

HI Melissa

Im interested in your opinion of say the top two online PM SW services

: )

Ty for any advice for less than 10 properties I manage myself.

Lisa