All Forum Posts by: Logan McKay Zylstra

I have never heard of that requirement for a HELOC. You should be good to go.

I would agree with @Andrew C. some more in-depth/higher-level books would be great.

Congrats. Hopefully first of many.

@Jim McMichael Are you looking for an investor-friendly realtor or a traditional realtor?

You will have to look at state/local regulations. Your only option is to comply with those.

Don't get caught up in the entity holding your real estate before you acquire real estate.

If you are flipping personal loans or hard money could make sense. However, if you are looking for a long-term hold it likely won't make any sense for you to do that. 

I would recommend looking at your own home first to see if you could rent out a room on Airbnb or something of that nature.

In no way is this post intended to come down on people, but I'm just trying to bring attention to this issue I am seeing. 

With that being said, a lot of new investors want to jump into real estate investing before they have their personal finances in order. These people want to find "creative financing" deals. They want to get into real estate because they are seeing how much money people are making from it on social media and want those same financial rewards. However, as most of us know, the real estate game is a get wealthy slow play compared to a get rich quick scheme.

In my opinion, if these people were to put effort into getting their financial foundation in order, they would be much better off. Before investing hundreds of hours in real estate investing education, I would recommend first spending time to educate yourself on personal finance. Not only would deals be easier to find and secure, but you would also be taking less risk as you can weather different issues financially as they arise.

I would recommend learning about personal finance from the BP money podcast or Graham Stephan on Youtube.

I would put it on the open market, in this housing market, you could probably get more than you think.

Second, I would 1031 into a bit bigger than a 1 million dollar property. If you put 25% you could get something at 2.8 million (or at 50% you could get a $1.4 million dollar property), thus securing a higher monthly income.

Last, the points (cost to originate these loans) you would pay to do a refinance only a year after wouldn't make sense to me. I would use a HELOC instead. That way you can buy your STRs when you find good deals, rather than being eager to buy once you have the money from the refi.

Where are you located? It will help if you also add a location to your post to get in touch with your local market.