All Forum Posts by: Rachel LeClaire

Seeking advice from the BP world,

My husband and I are in a lull right now. Our jobs moved us back to Texas. We are waiting for our Baton Rouge house to sell while we live with my parents. We wanted to sell the Baton Rouge house so we can use the equity to purchase a new house eventually… the market has turned on us so we’re having a hard time selling but being patient.

My question is - We currently have one rental property in Texas. The lease is up at the end of December. Thoughts on us moving back into the rental while we have the opportunity to file for homestead exemption, live in the house for a year, and take out a heloc while we can (since Texas banks don’t allow helocs on rentals) and just have access to that money if we ever needed it? And then a year later or so rent the house back out and buy a home for our family but still have access to the heloc if we want to purchase another rental, or personal use.

thank you!!

@Matthew Porcaro

Understood thanks! I’m thinking 3.5% on a multi family could get up there depending on what we find.

Appreciate your help.

@Matthew Porcaro thanks for explaining this option! I am looking more into it!

Would it be reasonable using a private lender to fund the 3.5%? Maybe a family member? What would this structure look like?

My husband and I are looking into different ways to make our next deal happen with little capital. We are interested in house hacking and making our next primary residence be a multifamily that we can fix up along the way while living in one of the units. 

I am curious as to how a private money structure would look like if we did an FHA loan and needed cash for renos? Do the partners ever stick around wanting a portion of the rent or is it mainly structured around the upfront cash? What's in it for them to make this worth their wild?

Thanks in advance for any insight!!

Thank you all for the positive feedback! That was how I viewed the situation as well. I do appreciate the tenant caring for the home like it is his own. At the end of the day after we spoke a little more I assured him the stairs would be done correctly. 

I currently have one rental property right now and I am managing the property on my own. The tenants I have in place are respectable professionals and are paying good money to live there. I try and keep them happy, however when it gets to a certain extent with their requests I question if they think this is their house.. My tenant asked me to fix the steps of the patio deck as it is a hazard to their kids to fall through. Understandable so I am planning on fixing the steps. My brother (who is not a professional carpenter, but can get the job done) offered to fix the wood supports and repair the steps. The tenant questioned me and asked is your brother a professional carpenter.... Am I missing something here or is this my house and I can fix the steps however works for me? I do understand there is a liability if the steps fail but we are talking about wood deck steps here. I appreciate any honest opinions to help guide me. Thanks!