All Forum Posts by: Nicholas L.

@Candice Gallego move out of your condo into a rental.  Rent out your condo until a lender will count the rental income.  Buy another property.

@Karen Williams I have no experience with Fundrise, but it doesn't seem like the right starting place for a new investor.  You won't learn anything about buying, selling, landlording, etc... you'll just have cash tied up in an investment and no control over what happens.

@Ashish Rizal I'm with @Steven Foster Wilson.  I really don't see how investing in a syndication as a beginner is a good strategy for parking money in the short term.  If it's something you're interested in long term, great - follow the advice in this thread.

With interest rates so low, the answer for where to park money in the short term is... there is no good option.  Syndications are not like savings accounts.

Do you already own?  There are places in the DC suburbs where house hacking is possible.  There are a bunch of threads on this.

@Jimmy Lieu yes, after the refi it's only the 4%.  The old loan no longer exists.  You have a new loan on which you're paying 4%.

On your other question, the answer is -- it depends. Those are two different products with different terms and different interest rates. A HELOC is like a credit card.

@Jimmy Lieu the old loan is paid off by the new loan.  So the old loan is gone, and you're under the terms of the new loan.

@Kinju Dudhia yes, this is typically the inspection period.  The length is usually negotiable.  Your agent will guide you on this.

@Matthew Stapleford @William P. I am as well!

@Brett D. this is a ton of your cash to tie up AND a lot of debt to take on.  I don't see how this makes sense - it's going to make getting your next property very difficult.

@Christy Harlander how much would you and your husband jointly qualify for?  Fine that they're a friend, I'm just keeping in mind this is your very first deal.  

@Noah Mittwer get the highest paying W2 job you can, house hack, and accumulate some savings.