All Forum Posts by: Spencer Howe

Debating between a cash out refi but our rate would go from 2.8 to 3.1 or use an existing heloc we have and getting another on another property to raise 230k. 
We will be using proceeds from a upcoming sale and doing a 1031 but need to get around 400 for the next purchase. 
not sure which way to go, one advantage is the helocs we can pay just interest and use money for the remodel and then just sell the other houses off when we are done. Might be a bad idea that’s why I’m asking

Thanks

We are planning to hire out the horse care or offer self board where the owners do there own feeding. I don’t plan to do a full service until I am more experienced. The tracks I can maintain and hopefully that is a big enough draw for people to do their own feeding. 

Just practice but I am open to opportunities. I have a dressage court with lighting that can accommodate 2 horses in unison and a 350ft by 75ft arena. I just finished the barn that holds 2 horses, bathroom, and am working on an additional  pipe fencing coral for 2 more. Have no horse experience so any input is great!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $990,000
Cash invested: $260,000

4 acre property horse property that will be used to board up to 4 horses along with 2 equestrian arenas.

You may need to market it better, the conditions are perfectly fine. Perhaps try to interview and really sell them on your property before you hit them with all the conditions. I am fortunate that my wife is a killer sales person!

Better pictures stage it better etc

How long have you waited? We just set up our rental and after 3 weeks of no good tenants we jumped on the first decent one. Now at 4.5weeks the requests from very prospective tenants are coming in fast. We panicked signed the first lease to pay mortgages but if we had waited we could have made more $$ with the way our furnished rental is set up.

Patience is a good thing if you can afford it I think

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $515,000
Cash invested: $80,000

Fully furnished Medium term rental leased to traveling professionals.

What made you interested in investing in this type of deal?

Providing good housing to traveling professionals in an area that does not cater to a high standard of living.

How did you finance this deal?

Va loan

Lessons learned? Challenges?

There are High taxes and melarose in my area making it a hard to sell property.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Great real estate agent out of San Diego

I just started out. I bought a house I wanted to live in forever and now 14 months later I am moving in to my next home and using the house as a medium term rental. Got interested in real estate after I realized I made more in equity this year than working 40+ hour weeks in my profession!

We have had bad luck with Facebook marketplace and roomies. It brings the worst tenants. We have gotten all our leases from Craigslist. Self managed and we do not reply unless the candidate seems like a normal person before we do a phone interview and then a showing. We also have a background check service that checks for felonies evictions credit score etc.

Thanks, it doesn’t help that it’s a tract home and built cheaply. Not worth the money to insulate it better