Even though some of my debt is variable and that’s weakened my D/I slightly, I’m still in a very good spot.

@Jack SeidenThere is a lot more variability in commissions then 2.5-3%. 

They would get bombarded with the idea of the variables and what ifs to get a property to cash flow.

The main variable that jacks up the assessment value is the household income of every neighborhood you find those lots in, I’ve seen lots in low income areas that had a much lower acreage value.

Higher risk properties have more variable costs, vacancy, CapEx, maintenance, and potential evictions. 

Just for fun I looked up the rate to borrow against your portfolio... 7.8 - 10.88% VARIABLE interest at ETrade from Morgan Stanley (see pic).  

Specifically, how you passed on a 2.5% fixed and now the variable rates have skyrocketed.

This is way too hypothetical with massively important variables missing.1.

We like to give very detailed quotes up front explaining known fees such as origination fees, any underwriting or processings fees, and estimates on variable fees such as escrow fees or title fees.

HELOCs are variable rates and it's highly likely that they'll actually be LOWER in the near future, why not bet on that?