Did it work out well for you?

It doesn't always work out perfectly but it's been a great strategy for us to build our rental portfolio.I'm sure there are lenders who might chime in with other recommendations.

So how did it all work out? 

I had to have the visceral experience of committing to a 30 year obligation was 5 times my annual salary and then watch it work out relatively risk free (because I have to live somewhere) to feel comfortable making multiple six-figure commitments. 

If that area does not workout for you, then I would consider investing in Toledo!

HELOC interest rates are typically variable, meaning the interest rate changes periodically (often monthly), which adds some unpredictability.If we assume a $150k balance, though, at 9% interest rate with interest-only payments, then the monthly payment would work out to ($150k balance * 9%) divided by 12 (months) = $1,125 per month as interest. 

Personally, I would only purchase for STR right now on either very unique/special properties or on those that also work out as LTR.I am a licensed REALTOR who is investor focused.

If the numbers work out then you are good to go.How does someone truly manage a property "effectively" from a distance? 

It all comes down to how the numbers work out and what your goals are.

It didn't work out for me.