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All Forum Posts by: Patrick Hamlin

Patrick Hamlin has started 2 posts and replied 3 times.

Post: HELOC for Down Payment?

Patrick HamlinPosted
  • New to Real Estate
  • MA, Southern NH
  • Posts 3
  • Votes 6

Hi all,

Looking into my first rental property (SFH or MFH), but the amount of liquid cash that I have on hand for a down payment is limiting my options. I'm a pretty savvy saver so most of my equity is in numerous investment portfolios, 401K/IRA, or my home. I can sell off some of my portfolio or develop a savings plan for my first property, but thought I would ask my question to this community first.

From my research, a HELOC seems like a viable option to get some cash for a down payment on a rental property. Does anyone have experience doing this? I know everybody's risk tolerance varies, but it seems a little stressful having 2 mortgage payments and a HELOC payment every month. Is it a bad idea?

Any input is appreciated.  

Post: Rookie Out-of-State Travel Question

Patrick HamlinPosted
  • New to Real Estate
  • MA, Southern NH
  • Posts 3
  • Votes 6

Randy,

Thanks for reading my post and for your thoughtful response. Very interesting to hear. I haven't dug in to property management companies as part of my research just yet. Given that it's my first investment property, I think I would want to get there to see the property in-person before making any offers. Maybe after I'm comfortable with the property management company that I work with, I can stay pretty hands-off. Is this typical?

Post: Rookie Out-of-State Travel Question

Patrick HamlinPosted
  • New to Real Estate
  • MA, Southern NH
  • Posts 3
  • Votes 6

Hi all, 

Rookie here looking in to buying my first investment property to rent (SFH or MFH). Originally from Cleveland, but have lived in NYC, Orlando, and now currently near Boston, MA. I'm 35 years old and married with two young kids. I'm trying to earn some passive income so I don't have to work full-time for 25-30 more years.

While I own and live in New England and the housing market is very attractive, I don't think I'm comfortable with the amount of capital I need upfront for my first property. So I'm strongly considering the Cleveland, OH and Orlando, FL areas where I have some knowledge and friends/family still in the areas.  My questions are, how much travel are investors doing to their out-of-state properties? I assume travel to view the property before buying, closing, meeting property management companies and potential tenants, handling any serious tenant issues, but what else? I assume that investors are periodically checking their properties in-person, but how often in your first year?  

Asking for budgeting considerations but also to see how others have integrated traveling to their properties with their lifestyles. For instance, I still work a full-time job (remote fortunately), so my vacation days are something I have to consider. 

Thank you!

Patrick