The appraisal just came back and I’ve got instant equity because the appraisal came in higher than my purchase price.

Secondly, the extra $5k you have to come up with yourself - EVERY time - eats into the benefit.Hint: The useful purpose of applying for a HELOC is to gain you instant CASH (to invest)!

I got burned several years ago.

Considering airbnb's downtown, long term rentals in up and coming areas near burns park, fixer uppers...pretty much anything except student housing - that feels hard!  

Angel,The 2nd lien programs I offer all allow for AVMs(automated valuation model), they provide a value instantly and you'll know how much you can borrow instantly without having to pay $500 for an appraisal just to maybe get nothing.Zach

I have a client exploring a new build (her home recently burned down). 

For new listings, allow a one night booking, but do not do Instant Book. 

If you are over leveraged, aren't prepared/don't have a plan to get out, you will get burned easily.

Things like septic pumps burning out, steam room dying, guests catching the grill on fire and leaving burn marks on the hardi siding, emergency bug treatment, above ground pool which is ridiculously hard to manage in our heat & having no time to deal with it if it starts to go, laundry & drying time for all the towels and linens, etc, etc.There are plenty of things we can and will get better at, but I'm prioritizing the stress level of my people as well as the very near disasters we've narrowly avoided, over the little bit of extra revenue we'd generate.

I’m a realtor and have completed a CRM on final build so based on a Comparative Market Analysis I would have instant equity upon completion of the build and could sell or refinance.