All Forum Posts by: Sean Starkey

I am in the same boat as you Jason with the same rate on my primary and a large sum HELOC. Did you ever end up paying off your HELOC yet?

Glen I agree there is some clause where if they are 25% rented out as rentals then they aren;t alllowed anymore. Also the HOA is over $1000 a month!!! Crazy!!!

My father in law has a condo on 400 west ocean blvd in Long Beach just a view of the street no ocean. He just purchased another condo that he will live out of that's on the 16th floor with the view he wants. He is thinking about keeping the first condo he bought and renting it out to long term tenants. Thoughts? HOA is crazy at $1000 per month and mortgage is $5200 without HOA. What are some investors seeing in Long Beach area for renting condos? He may use a property manager what percentage would they take monthly? This is definitely not a route I would ever take investing in a situation/location like this. I am just asking to provide insight to my father in law and learn as well from all of you!

We bought our house in Huntington Beach for $749k at a 2.75% rate in January 2020. We took a HELOC out on it a year later for $180k at a variable rate to buy our first short term rental. I was new to investing and didn't have an exit strategy nor know the severity of this HELOC monthly so now we still owe $169k and it's over $1500 a month interest only. My question is do I Refi our primary and pay the HELOC off? It was appraised for I believe $1.05 million a couple months ago. Thanks all

 Hi Eric it’s in yucca valley near Joshua tree national park!

I am curious of what others have done to continue to get the next and the next property! Post your stories! I have one short term rental that I bought two years ago and that does well and I want more but don't have the capital to invest. I really enjoy managing my short term rental and I want to manage more of my own! How do i get the next one? My DTI is too high to be considered for a loan in that way and that leaves DSCR which needs 20-25% down! If I partnered with someone on a deal all I would be able to offer is my managing skills. I am a physical therapist and feel that I really enjoy helping others build strength and also helping guests have an amazing time on their stay at my house! So how did you get your next property!!!

I live in Huntington Beach California and I am off on Wednesday’s and I wanted to see if anyone would show me the ropes and allow me to work for them for free just so I can be around real estate more. I am not around it physically enough to learn more I am just reading books, podcasts and looking online. I have one short term rental and I want more! Multifamily, STRs, LTRs whatever! I just want to be around it more and learn!

I am going to admit that it was my first property and I did not have an exit strategy for the HELOC so now I am stuck with an astronomical interest only payment. STR was not bought free and clear but it cash flows for us and does well.

I took out a 180k HELOC on my primary and didnt have a good exit strategy. I used it to buy my STR in yucca valley and its doing well so it was a good purchase! I really want to find some lender out there that can make this loan at a fixed rate including principal and interest. We are interest only at the moment and its horrible. We are paying $1500 per month. Please someone out there help me get this loan fixed!!!

We have tried in the past few months but our primary isn't worth enough to allow to use it as collateral. I don't want to refinance my primary because we have a 2.75% rate. I simply want this HELOC fixed including P and I for 20 years or more so that it can be lower monthly for us.

Someone out there must have an idea!

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