All Forum Posts by: Michael Harris

 Thanks Dave, greatly appreciate it. 

Thanks Dave! Can you help me understand as to what would that diversification exchange entail? Would utilizing a HELOC on the original paid for property play into that somehow or is it selling the currently paid for property and simply buying a newer one for the same or slightly more expensive price?

Thank you so much for the insight sir!

Hey everyone, 

I inherited a great home (3/1.5) owned by the family since 1930 in a popular downtown area about 6 years ago. I have ran it as an STR through Evolve (with no great STR knowledge) and didn't clear more than 24k which is quite similar to- if not less than having ran it as an LTR.

Currently: LTR $1650/ month - increasing to $2100/month with no mortgage, HOA, or large monthly payments other than the occasional repairs.

Home is worth 650-700k.  I have twice used HELOCS to purchase my last two primary homes before selling them for large profits in AZ. 

I was hoping to get some insights on how some people would proceed with this situation. I plan to retire in 9-10 years with a pension and would like to have a supportive portfolio by that time in lieu of obtaining another W2. 

My initial thoughts for options are:

- Sell and 1031 into larger potentially more profitable LTR/STR

- Attempt STR again having completed STS masterclass and further education

- HELOC for smaller LTR's

- Status quo, eventually buy new primary and rent out current primary (870/ month mortgage payment on a 450k home) 

Thanks everyone! 

- Mike

No appraisal yet but estimating 650k-700k. I would plan on rolling most if not all of that into either a larger property or STR. Still exploring options, if selling is even the right path.

The revenue was equal to less than what I could obtain using LTR. However, I only utilized Evolve property management and had zero background in STR management. I completed Luke and Avery Carl's masterclass and definitely would have run things differently. Although now, I may sell and scale up as the house continues to age. I have utilized HELOCS to obtain two other properties when the interest rates were normal but I am still looking for the best path for this situation.

Hey all, 

I have a paid off home in historic downtown Flagstaff nearing 100 years in age (1930 build). I am exploring options between :

1) Keeping as long term rental and using HELOC to obtain other properties while dealing with potential maintenance of a 100 year old house

2) Selling and purchasing new property (STR or LTR) in better condition with the goal of having a higher cash flow.

The house is worth approximately 650-700k (Developers in the area may offer more). It is renting for 2100k/ month with no mortgage.  I would love to hear if someone has had a similar set of circumstances or opinions on a best method to grow and scale with this set up. Thanks! 

Investment Info:

Single-family residence buy & hold investment.

Cash invested: $10,000

Single family residence in Downtown Flagstaff, Arizona. I used it for a short time as an STR but it proved to be just as good if not better as a long term rental. Looking to scale from here either by selling or HELOC.

How did you find this deal and how did you negotiate it?

Family owned and passed down

How did you finance this deal?

NA

How did you add value to the deal?

Interior and exterior upgrades.

What was the outcome?

Continued long term rental.

Lessons learned? Challenges?

Initially ran as short term rental with little knowledge on how to properly run an STR.