I pay off all my rental properties, I have open HELOCs for when a property pops up for purchase or need the cash for major fixes. I have almost worked it so that I will never need to go the bank for mortgage again, maybe two more rentals and I’m there.
@@TheTrueHardcorefr3k I'm debating getting a HELOC or a Home Equity Loan. I've heard a HELOC is like a credit card (line of credit). I understand the concept and the flexibility, but can it be used to put a down payment on a house?
I looked into getting a real estate license. You have to start as a salesperson, then a broker, then an agent. and the salesperson course is 60hours online before you can take the test. If you want to be an investor, being an agent is a waste of time
Hello. I live in San Diego, California. I have a rental property in Winchester, California about an hour and fifteen minutes away. I have a property manager. My previous tenants have vacated after 2 years and now it’s vacant. It’s been empty since the 31st of last month. Today is the 11th. Prop mgmt sent me photos of the house and walked through it around the 8th, more than a week after the tenants left, and they’re saying they can get someone out this next week to give me quotes for repairs I need after the tenants have left. I’m getting frustrated because it’s been almost two weeks and they haven’t started marketing it yet. It seems like they’re taking their sweet time. However, I’m obviously not a property manager. How long should it take to get this all done after a tenant leaves? Is the amount of time they are taking justifiable? Should I look for a new property manager? What’s a fair amount of time?
double edge sword. Depending on the damage, you shouldnt even market the place for rent yet because things need to be fixed before anyone moves in. Also, depends on what repairs need to be done and whos taking a look. If its minor, your manager is taking too long. If its major or multiple things that need to be addressed by different specialists its understandable. Id give your manager a call and say its been almost 2 weeks, what needs to be done so we can find a new tenant or if you're really annoyed give your manager a deadline
After two years it likely needs a paint job, possibly flooring, etc. Don't forget cleaning, re-keying the locks, making sure all the light bulbs work. I self-manage & refuse to buy anything more than 15 minutes away from my house so I can focus on needs & keep'er moving. Tic tock. PM doesn't love your place like you do.
taking out a heloc to pay debt does infact work if you refinance the loan you just paid the chunk to. You refinance it back out to 30 years (the amount of years is irrelevant) causing the payment to go down. You continue to pay the same amount you were paying before refinancing the loan. This strategy is called velocity banking. It does work and it does help to significantly pay debt off a lot quicker. Once you pay off the heloc, you take all of it back out and pay the mortgage again then refinance it once more. the interest rate is irrelevant with this strategy. You are focusing on making the payment lower therefore you are pushing more money into the principle. It works. I have used this method to pay a car off. I refinanced the care 5 time and paid it off in a year without doing anything differently. The key here is you need to switch to using the HELOC as you bank account. Put all you income into it and then use it also to pay expenses.
This is dependent on your lender! Some small local banks don't require a seasoning period while some fed backed do require 6 months. Do you have a lender yet? That would be step one to find out.
TX Homestead Exemptions take the value that your home would be taxed at less the current exemption amount. Last year (2023) was $40,000. This year (2024) I believe is $100,000.
The Snowball method doesn’t really apply here. Dave Ramsey would have told you to save and never have that mortgage. The Snowball Method is when you have a bunch of credit card debt on different cards and owe money on other things where they are in the thousands of dollars. There the mental benefit of having fewer debts as you go and they get paid off quicker as your is very beneficial and keeps you motivated.
