All Forum Posts by: Melissa S Vrobel

Hi BP community!  I am looking to renovate a home but want to see it in 3D before I start to make sure that I don't change anything during construction.  Does anyone know a designer/architect that uses Autodesk Revit for building the model in 3D?  I have that software which would make reviews easier.  Any recommendations would be appreciated.

@Elliott Fisher I also had the same frustration.  I am trying out different solutions.  I thought that Landlord Studio could do all, but I have had my tenant tell me that it wouldn't allow them to setup automatic payments.  The other tenants are still paying through apartments.com (formally cozi).  Take a look at Landlord Studio...  I love the cost vs benefits, and I am hoping to spend more time learning it in the future, but would change if someone has a better solution at similar cost.

@Kristi Tietz... Hi Hero. Kudos to you for bringing this issue to this forum. I personally think that you should not pay for a class unless you have more money than time (and too much money). Most make more in their "classes" or "mentorship" than in their real estate. I would love to help but I am in the hold and rent area. I would recommend looking for an area REI or look for someone on here that has already succeeded doing what you want to do and message them. I think that most of us are on here to freely share our knowledge.

@Rick Gougis...  I used to use QB but found it not to be landlord friendly.  I now use LandlordStudio to track my expenses and give my accountant the profit/loss statement.

@Casey C....  Louisville is a great market.  I would recommend learning about areas of the city and finding the best one for your goals and then finding an agent that knows that part of the city.  I used to live in San Fran (Financial District) and I think that you would LOVE the Highland neighborhood.  Also, take a look at Oldham County to the NE of Louisville.  The schools are great and not a single rental is empty and "HGTV" is about to film season of Hometown in that county.

@Matthew Ranucci... You could try to get a HELOC on an investment property, but I haven't been able to do that. I would discuss with your bank. HELOC are less costly but usually have variable interest and that is why refinancing is usually the best option. It will depend on your rate and what the bank is offering.

@Kenneth

welcome to BP!  Great place to be as an investor!

@Joe

If there isn't an empty lot in the neighborhood, look at the estimated value from the property appraiser to give you an idea of value.

@Tate Meyhoff...   Sure, I can expand.  I started out following the Dave Ramsey plan, but it just killed me to see my 3 to 6 mo. of expenses sitting in a savings account with very little interest.  To make matters worse, I found out that another savings account that I had stashed money in and didn't check up on, had started charging me an "inactivity" fee of $10 per month.  I had lost over $100 dollars before I discovered it.  

I thought that there has to be a better way to have security and still have my money growing instead of staying stagnant.  I also have been listening to many podcasts, youtube, and other financial information that point out that the banks have large buildings because they take the money that you deposit and loan it out at interest to someone else.  That got me thinking...  How can I increase my investments in growing assets, but be able to borrow at low interest if I really need it?  

I started learning more about margin loans against your brokerage funds that are invested in the stock market and found that IBKR had a 1.87% loan rate with no monthly payment.  That is lower than my loan against my home.  I just look at it like a mortgage... don't borrow more than you can afford to pay back and make sure to keep it well below the margin line.  The margin is set by the brokerage, but most are 50% of the value of your portfolio.  So say you put in $1000, your margin would be up to $500.  To be safe, I only use up to 25% which is $250.  The beauty is that as the portfolio grows, so does you borrowing power.  Like anything else in finance, if you have no self-control this is not a good strategy.  I don't have any debt except for my 4 homes (3 investment, 1 primary).  I am planning on selling one and putting the profit into CEF funds with 10% dividends.  That is a whole other discussion.

You can contact me directly if you have further questions...  Good luck.

If you are close to being able to itemize, consider increasing your charitable contributions...  Do good, save on taxes.  One idea is to pay it forward. i.e. pay 2022 charitable by the end of 2021 and save on taxes.