Purchase price will be around $400-450K. 

Purchase price: $160,000 Cash invested: $35,000 Another 1% single family deal in a transitional area creating long term wealth

Our goal is to purchase 1 property a year for the next 10 years. 

@Tom Dieringer After purchasing my first property in 2024, I acquired most of my short-term rental (STR) knowledge from The Short Term Shop, which included maintaining respectful communication with guests, keeping calendar availability up-to-date, and ensuring high-quality listings.When I initially began May of 2024, I opted to list my property exclusively on a single Online Travel Agency (OTA) - Vrbo.

You have used home equity lines of credit to purchase investment rentals and want to know the best way to pay down the HELOCs.Between the two properties you bought, after expenses, you have $250 a month positive cashflow to use.What I like to do is pay down some principal every month with my positive cashflow.I use my extra active income from real estate commissions helping other investors to pay down the principal even more which just frees up that credit for me to use again.I know I can refinance the HELOC debt before it changes to principal and interest as it is just interest only payments as yours are.One difference is the cashflow, I have greater positive cashflow and could make the principal and interest payment in the future with the extra cashflow I already enjoy.I always get HELOCs on my income properties as well after purchasing them to pull out as much of my downpayment as possible.

I have a hard money lender established to cover 80% of the purchase and 100% of the rehab, so my capital partners would be covering:20% of the purchase priceRange of $30,000-$50,000 cost of capital25% of the renovation budget (to kickstart the project while waiting for reimbursements)$25,000 contingency padAny tips would be great, and if you happen to be interested yourself I can send you more details.

Purchase price: $101,000 Cash invested: $25,268 Sale price: $202,000 This was my first ever solo project.

Did you have an agreement in writing signed by both you and the designer regarding payment schedule and purchases?

A JWB client purchased this home on 8/30/2024.

Stay away from Philly as their laws are as tricky as NYC's.I would strongly recommend you purchase something within an hours drive from you so you can learn on the job as a landlord.