All Forum Posts by: Michael Jobe

I’m considering purchasing a smart lock (WiFi enabled) for our AirBnb. Anyone have any experience? Good/bad. Any recommendations on brand would be helpful (if experience was good, of course). Thanks!

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Hi @Jared Jones! Hope you have a safe move here to Nashville, its a great city! As new investor living in Nashville, finding a good price home (that is not falling a part), AND able make the numbers work, is getting tight. We bought our first local rental last year and probably paid too much, but the location appreciation will be nice in the long-run, and we just re-up'd again with same tenents while increasing their rent. I agree with @Luka Milicevic in that the market prices are high right now. If it is a good buy, it is picked up pretty quick. Wish I started investing here 5-7 years ago. To @Mark Newton thoughts above, I haven't checked out Madison yet, but continue to look at Murfreesboro, Clarksville, and Jackson as possible deal options. Still learning every day, and BP has been a great place to learn and network with other investors.

Safe travels, and welcome to Music City.

2 Votes

Originally posted by @Andrew Kerr:

@Michael Jobe - it is possible, but it is pretty rare to get a HELOC on an investment property. You might find it easier to get a fixed rate second. But I would also add, if you plan to hold both properties long term, why not look at refinancing the investment property with a cash out loan on long term rates? We are still at historically low rates, and most folks feel rates will keep moving up over the next couple of years. If you do find a HELOC, your rate and payment will keep moving up.

I have a HELOC I use, and two lines of credit, but I use them for short term projects. When I do use them for a buy and hold deal, its to buy the property and renovate, then I get long term financing in place.

Good insight, Andrew. Thank you for taking the time to share what you have done. So happy for BP, it can save so much research time on these types of questions!

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Originally posted by @Luka Milicevic:

@Michael Jobe

Look into a first position HELOC refinance. it's called a "HELOC all in one"

Reliant bank does them.

Great, I will look into that. Thank you!

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Originally posted by @Leo K.:

I'm in the process of this right now with my LLC... Refinancing 6 properties and doing a 2nd lien with all 6 properties under a portfolio for a LOC.

If you're opposed to a 2nd lien, you may want to pursue an unsecured LOC, however the terms may be worse and you'll have to personally guarantee the loan anyways.

Thank you, Leo. Obviously not as quick and dry as we would hope. I see you are in Nashville as well. I will look to make a BP connection. Appreciate the quick response.

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Originally posted by @Brandon Sturgill:

@Michael Jobe If you accomplish this you deserve an award. I think BoA was doing something like this, but the LTV and terms are horrible. You'll need to re-fi...expect 70%LTV...and be sure your lender will lend to an LLC before you get too deep into this.

The other option is maybe to collateralize multiple properties through a portfolio or other private money lender...wrap some properties in a blanket, but there are a lot of different variables...

Thank you, Brandon. Good advice for my second option to look into. Appreciate the quick response too.

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My wife and I are fairly new to real estate investing. We purchased our first rental last November. We are interested in purchasing another property, but considering using taking out a HELOC from the investment rental. Anyone have any experience with getting HELOC from an investment property that is under an LLC? We live in Nashville and that is where our investment property is located. Thank you.

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All Forum Posts by: Michael Jobe

Michael Jobe has started 3 posts and replied 9 times.

Post: Follow my Nashville new construction project

Post: Anyone have any experience with Smart Locks?

Post: Starting After Selling Current Home - Agree with Approach?

Post: HELOC from Rental property owned under LLC

Post: HELOC from Rental property owned under LLC

Post: HELOC from Rental property owned under LLC

Post: HELOC from Rental property owned under LLC

Post: HELOC from Rental property owned under LLC

Post: HELOC from Rental property owned under LLC