All Forum Posts by: Nikki Closser

After 6 months you can get 75% of the value though, right? I’m not exactly sure I understand your question. Please forgive me — I’m still learning 😉

Thanks everyone!! Both the 6th and 7th banks I called knew exactly what I was talking about. Finally! Haha. Now I’m comparing interest rates and fees. 

Hi Everyone! I read Andrew Postell's post about doing cash-out refi's and he says in there that if you pay for the home with cash or a HELOC that you can get a cash-out loan on day 1. I've called 4 credit unions and they all said the same thing: 12 months seasoning on an investment property even if we pay cash. They said it's a Freddie/Fannie rule.

I'm so confused!

Great questions! The hotel opened in 2018 and is in the middle of the little downtown. Tons of vacant storefronts, but a few newer looking businesses. I’ll have to look more into if there are any new or large businesses, but not that I know of off the top of my head.

Hi! While searching around for possible up-and-coming areas (smallish towns), does a new hotel opening in the area lead you to believe that the town is on the rise? I’m talking like a Hyatt  Place or Courtyard Marriott type hotel. I know there are obviously many more factors, just wondering if anyone has any insight about this. I figure big hotel chains are doing quite a bit of market research before deciding where to open! 

I should also add that, beside from a small college in town, the place is pretty desolate. Although, it does look like several of the older homes are being/have been completely gutted and redone.

Hi! I was listening to Ashley on episode 348 on the podcast. She talks about using LandGlide and onX hunt to find deals. I checked out both apps and I can see that both are used to look at the property information, but she makes a comment how she has her kids trained to look at meters on houses and point out when they see houses that “are more than 2 meters”. Super confused which app she means and where this is on the app because I’m not seeing anything like this. Does anyone know what she’s talking about?

Great, thanks! I’ll ask these questions. Again, totally new at this, so this is really helpful. 

I’m very new at this, so forgive me if this has been talked about a million times already! We are looking at duplexes in several areas in Michigan. 

Some are in areas where there are tons of other rentals and renting is common (the areas aren’t that great and they are much cheaper). But, we found a few in much better areas where it is not as common to find rentals and they are more expensive.

Trying to decide which route to take! It seems like buying in an area without a lot of rental options could go either way — we either rent it easily because we are one of the few options or it sits empty because people aren’t looking for rentals?? 

I’m sure it depends on lots of other factors, and of course looking at each duplex individually to see if they are actually a good deal, but is there a rule around what typically works better — buy in an area with lots of rentals or very few rentals?

Ok, this totally makes sense. Thanks so much, John! Good luck with your 6 unit. Sounds awesome!

Hi! This is my first post and I'm new to listening to the podcast and my mind is blown! I was listening to episode 270 and at about 21 minutes, Amy talks about how she did a cash out refi on her primary home and bought a new property with it. The host (can't remember who was talking at the time) said that his parents did HELOC on their primary, bought a new property with it, repeat (I'm guessing the BRRR method??)

Anyway, my hang up is...how do you pay off the HELOC (or cash out) you take from your primary home if you keep putting the money from the next house into yet the next house? Use rental income? I'm just imagining this huge HELOC payment/loan that has to be paid off in 10 years -- on top of what our regular mortgage payment is.

Just wondering how others do this? thanks so much!