All Forum Posts by: Sarah Korsah

It also has to be something married couples are in agreement over.  That's a whole nother thang.  :)  Sometimes one has more risk aversion than the other or no bandwidth to deal with something so far out of their professional expertise.  We're gutting and redoing our personal house this year then my goal is to buy one property a year after the dust settles on this crazy project.  We'll see. 

@Shane Boyd I meant for my comment to be to you ☺️... I’ll flip In a sense later on when 1031 exchanging 🏚 🏡 🏘 🏢

@Matt K. Once I own a house I like to keep it.... even if it was renovated and could sell well I like the monthly cash flow and knowing I can sell later. Finding and winning awesome deals is the rush for me. I currently work with flippers but I just haven’t been motivated to sell our personal investment properties. Like a two year old says.... ‘mine’ ☺️.

Thank you @Account Closed, great information.  

@Costin I. Thank you so much!!  

I'm researching this for myself right now! I have a property on a five year note from a 401K loan and now we're gutting our personal home. I am trying to decide if I leave the investment property on the 401K loan or take one of the mentioned loans (HELOC or LOC) out on that property, and both pay off the 401K, and use the leftover cash for our rehab.

So far- same interest rate (super high seeming to me but I've only inquired at Wells Fargo due to him being a client of mine) and same origination fee. I believe 8 or 8.25% interest and $200 origination fee on each version. I need to find out the difference as there was another version of a HELOC that had closing fees of $3800.00 and I didn't want that one. I'd prefer the higher interest rate with a $200 set up fee than lower interest with a $3800 loan origination fee ect....

The only reason I'm leaning towards the personal line of credit is because I can pay back part of it quickly and not be paying interest on that part of the loan any longer.  

Like I said, I'm still researching it and will check with my local lender as well.   The 401K loan is 8.25% interest but we're paying back ourselves- not a bank and it's a 5 year loan not 20+.  

I'll let you know if I change my mind on the LOC.

I'd have relationships with at least two lenders personally.  I'm upfront and let them know I like having great relationships with two types of lenders.  One big bank and one (@least one) local lender.  I do work to send people to them and tell my friends and clients about them, and post praises about each of them on FB and such,  when they come through for me or my friends/clients.  That's another way I feel transparent and keep it a win-win on either side.   So personally I can't see it burning a bridge if she's the one not responding.  But you got to go with your gut and I don't know how you know her.  :) Best of luck!!!

@Bob B. Nice.  Her daddy would need to approve.  She's very pretty and also makes a great Klingon war child face. Can go a few directions with that :)   It's a good idea. 

@Brandon Hall, fantastic article THANK YOU.  I posted a link to my FB page too.  

@George Blower, I appreciate that thank you.