Communication is critical, and the Investor had open and transparent lines of communication with me throughout the whole process.

STEM fields - those in the areas of science, technology, engineering, and mathematics - are critical for the U.S. to remain competitive globally.

View report*This link comes directly from our calculators, based on information input by the member who posted.I would love some constructive criticism on my analysis.

We have done some analysis on the place - there are a couple of comps on the lake and in our neighborhood that we can compare and I feel confident that we can get an excellent nightly rate and brisk business - we are going to buy a jet ski, bikes, kayaks and a pontoon that will be rentals - the entire place will be a laid back, party with style...BUT, if the economy crashes - I figure the worst that can happen is that we've upgraded our life.Basically, the HELOC would add about $600 to our monthly bills - which is incredible - and since our house was almost paid off, I did the comps on ARV and I figure we will near double our home value - so for no cash out of pocket, the worst thing would be that we aded $600 to our monthly bills but nearly doubled our home value...So...even if the economy crashes - my partner and I both have day jobs...sooo, I think we should be pretty smooth sailing...BUT...as I said - I am TOTALLY new to this and would love feedback, criticism, word of wisdom, or a pat on the back (hopefully...).Thank you all!!!

It’s critical that they remember that other costs will be applied like servicing, escrow, and other costs.  

If you're a single mom with student loans, a car payment, and living paycheck-to-paycheck, then $20,000 would be devastating and a reserve is critical.

View report*This link comes directly from our calculators, based on information input by the member who posted.I would appreciate some criticism and thoughts on the analysis I have done for this property.Thanks,Lewis

The critical metric for determining whether your rental income will rise fast enough is pre-COVID rent and price growth rate.

There's pros and cons to both routes, but really the difference is just a matter of time and putting energy into figuring out who to get the property through.The most important thing from afar, which is as critical if you're nearby, is to learn thorough due diligence.

Here's why, and this is critically important so that you don't get stuck...From a mortgage qualifying standpoint, if you want to use FHA in the future for your 2nd property, in order to use rental income from the property that you are vacating to offset the PITI (total mortgage payment), it is a FHA guideline that you must get an appraisal to prove that you have 25% equity in the property that you are vacating.