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8 July 2019 | 14 replies
Do a high-design renovation on a fixer-upper and put it up on AirBnb until you make enough cash to repeat.I know of some investors here in Arizona making up to $700/week per house.If AirBnb doesn't work out you can flip the house.Also, I found the book, Building Wealth One House at a Time, by John W.
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3 July 2019 | 1 reply
We believe it will work out in time, but thankfully we are able to take our time to make sure we get this one right.
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5 July 2019 | 5 replies
Conversely, you can certainly use a HELOC for buy & hold property, but there are some gotchas (assuming conforming loans for your refi):Cash-Out Refi before 6mo'sIf you refi before 6 mo's, you can only cash-out up to your original purchase price, which parks a fair bit of equity in the property, such as all your rehab costs.With a HELOC, you might end up with an open balance after the refi, such as if you sourced both purchase & rehab from your HELOC.With cash, you'll walk away with less cash than you invested but will have no open balances to pay.A hybrid approach might be to use HELOC for purchase and cash for rehab.Cash-Out Refi after waiting 6 mo's, aka a 'seasoned refi'Presuming your BRRRR numbers work out as intended, you should be able to recover your investment and still have equity required by the refi lender.With a HELOC, you'll carry at least 6 mo's of interest, but you shouldn't have an open balance after the refi.With cash, you'll get back your investment and won't have the carrying costs you had w/the HELOC.
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8 July 2019 | 5 replies
Any licensed manager is going to provide a contract to you outlining exactly how the relationship should work out.
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3 July 2019 | 5 replies
What's the best place to find money for this (given that the numbers work out)?
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3 July 2019 | 2 replies
As of right now my DTI is over by around 200 dollars so it's looking like a conventional loan won't work out.
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3 July 2019 | 6 replies
You can still utiliize the rental program but then you are paying set up costs which becomes more capital intensive.
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5 July 2019 | 11 replies
Glad to hear that it's not a 'crazy' idea and in my situation may work out well.
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12 March 2020 | 24 replies
Either or, I think it's going to work out.
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17 September 2019 | 22 replies
So they work out of that airport to start their week of work.