All Forum Posts by: Michael Haas

Hey @Joshua Alcantara - Just shot you a DM, love the hustle & congrats on the success so far!

Here's a list of good HELOC providers, in no order. Sometimes there's discounts and benefits if it's a bank that you use for checking or savings, so if you have banking relationships with any of the companies below I would start there!

Umpqua Bank:

Seattle Credit Union:

Keybank:

Bank of the West:

Banner Bank:

BECU:

First Tech Credit Union:

PenFed Credit Union:

OBee Credit Union:

First Security Bank of WA

Figure:

Debt is tax free, sale proceeds are not. If the property is cash flowing, why not pull a HELOC on the property to fund your next purchase rather than sell it? You could pull out $150,000 via a HELOC at 8% interest (about market rate right now) and the monthly interest only payment would be $1,000. That would make the property neutral cashflow.

It sounds like you don't want to sacrifice your 3% interest rate but do want to pull some cash out of the property for other purchases, so the HELOC is potentially the best of both worlds there.

To close the loop - hope all of you who invested find a way to get some or all of your money back. I stand by what I said earlier about access to capital - as an investor I know that its pretty easy to access large amounts of capital, and anyone who spends a lot of time, money, and energy marketing for capital is a red flag.

I believe Summit has filed for bankruptcy, but as this has happened multiple times already expect them to resurface soon with a new name & new website. Hope when they do folks find this and the many other threads talking about them and know what they're getting into.

Thanks for the tag @Albert Bui! @Seallington Touch I & the rest of our HouseHack Seattle team would love to talk with you about how to scale our portfolio. We have over thirty rental houses locally and are one of the few investor-focused teams here in the Seattle area. Here's a link to my calendar to book some time for a quick chat! I’d love to hear a bit more about you and your investment goals, and chat about how we might be able to help. 

Hey @Haley Jang - I agree with a lot of the posts here. Sometimes it can be difficult to get access to the property between contract & closing - the WA State contracts only guarantee you one walkthrough before closing :/. 

Feel free to get with @Eric Yu & I if you have more questions that aren't answered by the post, and congrats again on your House Hack!

@Logan Moir @Dennis Nguyen

Hey friends! Our first Investor & HouseHacker Real Estate Happy Hour of the year is this Thursday, 5:30pm at Fremont Brewing! $10 admission gets you beer, cider, kombucha, & soda on tap, dinner, awesome networking, and a panel about working with contractors from a seasoned GC, Builder, Architect, & Construction Lender. You won't want to miss this one, RSVP at the link below!
meetup.com/house-hack-seattle/events/299301555/

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $134,000

Contributors:
Jess Haas

Rental type: Off-Grid STR
Condition @ Purchase: Good
Strategy: STR then Sell (Headache property)

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $682,500
Cash invested: $71,000

Contributors:
Jess Haas

Rental Type: SFH(3bd) + ADU(1) + DADU(2)
Condition @ Purchase: Moderate Fixer
Strategy: Reno + Hold