Hello I’m new

[David Barksdale]

Purchased new home for living. Want to use the equity to purchase short or mid term rental after the 6 months waiting period. 

[Julio Gonzalez]

Hey David, this is a great place to learn and to connect with people so take advantage of all the great resources.

Welcome aboard and best of luck investing!

[Steve Meyers]

@David Barksdale congrats! What market are you looking for a STR in when you can refi?

[Andrew Syrios]

Welcome to BiggerPockets David and best of luck!

[Conner Olsen]

Quote from @David Barksdale:

Purchased new home for living. Want to use the equity to purchase short or mid term rental after the 6 months waiting period. 

What is the loan to value of the home you just purchased? 

[Najma Osman]

Hi @David Barksdale, 

Welcome to BP! 

[David Barksdale]

Quote from @Steve Meyers:

@David Barksdale congrats! What market are you looking for a STR in when you can refi?

Purchased the residence in December and waiting period of 6 months. I think august would be the time I can either cash-out-refinance or HELOC/HE Loan. Weighing my options to see what is best loan product and surveying potential locations for STR or MTR would like it close by because I have trust issues. But San Diego CA is very rich. 

[David Barksdale]

Quote from @Najma Osman:

Hi @David Barksdale, 

Welcome to BP! 

 Thank you. How’s the market like in Ohio?

[David Barksdale]

Quote from @Conner Olsen:

Quote from @David Barksdale:

Purchased new home for living. Want to use the equity to purchase short or mid term rental after the 6 months waiting period. 

What is the loan to value of the home you just purchased? 

Not sure what loan to value is. Sorry. But I will try and answer. Loan is 488k down payment is 450k home was purchased at 925k local comps are currently 1.1m. Put about 50k to upgrade and spruce up. Hopefully that answers the Q. 

[Dan Heuschele]

Quote from @David Barksdale:

Quote from @Conner Olsen:

Quote from @David Barksdale:

Purchased new home for living. Want to use the equity to purchase short or mid term rental after the 6 months waiting period. 

What is the loan to value of the home you just purchased? 

Not sure what loan to value is. Sorry. But I will try and answer. Loan is 488k down payment is 450k home was purchased at 925k local comps are currently 1.1m. Put about 50k to upgrade and spruce up. Hopefully that answers the Q. 

 Some items:

- You likely have a 12 month seasoning period.

- REFI appraisal are conservative.  Expect the REFI appraisal to come in up to 10% below what could be achieved if you have an offer on the property.

- San Diego city is STR unfriendly. The various other cities and unincorporated areas of San Diego range from STR unfriendly to moderate on STRs. If you decide to STR in San Diego county, have a plan B in case the laws change and the STR is banned.

Good luck

[Conner Olsen]

Quote from @David Barksdale:

Quote from @Conner Olsen:

Quote from @David Barksdale:

Purchased new home for living. Want to use the equity to purchase short or mid term rental after the 6 months waiting period. 

What is the loan to value of the home you just purchased? 

Not sure what loan to value is. Sorry. But I will try and answer. Loan is 488k down payment is 450k home was purchased at 925k local comps are currently 1.1m. Put about 50k to upgrade and spruce up. Hopefully that answers the Q. 

Your lender will know the seasoning period requirements, whether it's better to do cash out refi, 2nd position lien, or HELOC.

[Najma Osman]

Quote from @David Barksdale:

Quote from @Najma Osman:

Hi @David Barksdale, 

Welcome to BP! 

 Thank you. How’s the market like in Ohio?

 It depends on what city you're looking at! I invest locally in Columbus.  Columbus has seen great appreciation with many new jobs being created from large expansions by companies such as Intel, Honda, Amazon, Nationwide Children's hospital and Wexner Medical Center. It is also home to Ohio State which has 60,000+ students. Cleveland is another great option here as it is consistently known as a top market for cash flow with opportunities to get in at a low PP.

[Anthony L Amos Jr]

Quote from @David Barksdale:

Purchased new home for living. Want to use the equity to purchase short or mid term rental after the 6 months waiting period. 

 Check out Columbus, OH which is becoming the silicone valley of the midwest. Plus we are very affordable compared to other major markets 

[Melanie Thomas]

Welcome to Bigger Pockets. We look forward to your progress and wish you all the best! Good luck & happy investing! 

[Simon Ashbaugh]

Quote from @David Barksdale:

Purchased new home for living. Want to use the equity to purchase short or mid term rental after the 6 months waiting period. 

 Congrats on the home and welcome to BP!

[Dmitriy Fomichenko]

Hey @David Barksdale , Glad to have you aboard! 

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Good luck on everything!

[Sloane Kraftsow]

Welcome to BP David! My name is Sloane Kraftsow and I am a STR specialist at my company. What market are you interested in?

I would love to connect with you and share my tips and tricks in REI!