All Forum Posts by: Michelle Harrington

On the lease it would say that they gave you the money (the advance and deposit), so I would make sure that the money is in your hands first.

It is hard to refuse pets I would think.. Especially if it is a service animal. @Frederick P Wallberg, is it legal to charge them extra too even it is a service animal? Im wondering. 

For myself, I show the property first before application. I set up a day just for showing the property to couple of people, and then I give out the applications to interested ones.

That makes sense! my cashflow will be decreased because of the interest of HELOC. Thank you @Tucker Cummings!

Thank you @Ryan Howell! You helped me to have a clear understanding and finalize my decision. I will use my savings first and will remember that I have HELOC to pull anytime I need it. I will re-assess myself after couple of months to see if I would need the HELOC.

That is smart @John Fider! I have read some stories of other investors that used HELOC for dp too.

My godfather had a bad experience and he almost lost his 2 properties. Then he kept telling me to be careful with HELOC. I guess that scared me.

You used the HELOC right and you definitely know what you are doing! Thanks for sharing!

Hi AJ H.,

I see your point. I understand what you mean and of course it makes sense! It's more of an advantage to use my own money to fund the DP and save the equity of my home in case I needed it. Thank you!

@Joshua McMillion

That makes sense. Thank you!!

Hello Bigger Pockets Family! 

Just wondering, if you are a new investor buying a rental property and you have an equity from your personal home, which one would you use for a DP? HELOC, Home Equity Loan, or your savings? and why?

In regards to HELOC and Home Equity Loan, are this both risky? what are the things to watch for or be careful of?

Thank you in advance! your response is much appreciated!

@Alex Olson, 

I’m so glad to get an input from someone who is from the area. I will change my vacancy rate to standard 5% to be more realistic. Thank you for your advice!