All Forum Posts by: Soh Tanaka

@Jason Hartman I'm visiting Atlanta and Orlando, but I haven't heard anything from your local market specialists yet!

If you are new to real estate investing, auction sounds a bit on the risky side, especially if you don't have access to the properties prior to the auction. Just something to think about.

@Joseph Zanazan, I think you hit the nail on the head. Simply put, HELOC is more for flip, while cash-out refi is more for buy-and-hold. Thanks!

@Darren Eady - I like the no fee part. I'm just not sure about the fact that the rate is adjustable (as far as I know). Since this will be for a rental, not for a flip, so the interest could go up quite a bit in the future.

@Charles Fletcher - Wow, that's a great rate for an investment property! Good job!

@Michael Barbari - I currently have 15 fixed, so if I change to 30 fixed, the payment will actually go down, even with pulling out some cash! Just to clarify, heloc is not free because we have to pay the interest :-) I'm guessing you meant it's free to set up. Thanks for the info!  

I'm considering using equity in my house to purchase a rental property. I can get a home equity line of credit, 2nd mortgage or do cash-out refinancing. What would be the best option? 

I believe Platinum Properties by Jason Hartman has some turnkey properties. I am considering them as one of my options. 

Being able to download transactions is certainly a great feature. I use that feature with Mint. Just remember that there's more to just pushing a button and downloading all the information. You have to categorize them, enter which property it is for, write notes, attach documents (I attach my receipts for example), etc. Also, it's a good idea to have a way to reconcile the book. In other words, you want to compare the QuickBooks account balance and the actual bank account balance to make sure that they are the same. It may take a little extra time, but I enter all the information manually to QuickBooks.  

I'm not an accountant/legal professional, but everything I read and heard so far say (done properly) you can deduct your expenses, even if the property is in your name.

You never have enough education, so if you wait till you have it all, you'll never start. I would say to start small and build up. I'm sure there are people out there who paid a coach/mentor and became successful, but also there are a lot of those who paid an did little. 

Not to be offensive, but you say "I'm afraid of wasting time," but if you keep just education yourself without taking any step, then you will ended up doing what you are afraid of. Best wishes!

I don't know if it's legal, but I won't show a house that I haven't closed yet. But I would advertise the property and get list of potential tenants. Once you closed and the house is cleaned up, I would set up a showing.