Hey Luke - Tapping into your equity through a HELOC is definitely a common way to fund a down payment, but like you said, having two open loans can lead to higher closing costs and potentially impact cash flow.

I will soon have off market leads in most areas of both cities.

Hi folks, this has been all over the news and social media so I hope it's not a surprise to anyone but I just wanted to cover all the bases.Due to legislation spearheaded by the RI attorney general earlier this year, there is a new RI rental registry in place that requires all rental unit owners (even short term rentals) to register every rental property and rental unit in the state of RI, by October 1, 2024.The website is www.rentalregistry.ri.gov and you will also need to upload a current lead certificate ("Certificate of Lead Conformance") for each rental unit.The demand is so high that lead inspectors are currently booked out into November and December, so I hope you already have lead paint certs for all your units.

So for instance for our lead organization & management, I clean the lists up in google sheets and then download as a .CSV file and upload into Airtable (google sheets on steroids) where its easier and cleaner to manage.I use Airtable to manage our raw leads data - I have a trigger set up, that whenever we change the status to "qualified", that lead will go into our CRM (Salesmate.io) where we track our contacts and deals.

If you can keep your home data up to date and make the site user friendly your already off to a good start.Just do not become a lead generating platform when you do that you end up with a higher percentage of users who fail to return. 

Great for realtors who should be calling all of their old leads with the good news of todays Fed rate cut.As rates continue to fall this is the time to ask for "Seller Credits" and think about using that credit towards buying the rate down.

Likewise, the "Refinance" part of the equation doesn't assume you'll refinance 3 months or 6 months after you've finished fixing up the joint.

Speaking as both an investor and realtor based in FtL, these small MF are very difficult to get into at the moment due to excessively high pricing leading to negative cashflow if you plan to finance them. 

Hi @Ellen Feiss I agree with @Ty Coutts that you should start with informal, friendly, face-to-face conversations with the tenants to establish rapport, especially as you have some lead time here before next April.People don't like surprises or having to scramble, so if you are able to let them know your plans in advance, if they are reasonable people they should appreciate the extra lead time.This is especially true if their rents are currently very under market - they will have sticker shock when they look at what other units are renting for, and have to spend more time finding a new unit (if you'll be asking them to leave).If you have to move into one of the units yourself, I'm surprised you (or your lender) didn't make it a condition of the purchase and make the seller have the unit vacant for you.Sooner or later in rental real estate, you will have to establish a relationship with an eviction attorney.

As others have pointed out, this well-exceeds the current averages that we're seeing.With that being said, one situation that I've seen lead to this result several time over the past few months is an active rental listing being stuck in a cycle of chasing the market down.