All Forum Posts by: Amanda Chandler
Amanda Chandler has started 11 posts and replied 59 times.
Post: Cash or HELOC?
- Investor
- Tampa, FL
- Posts 59
- Votes 59
Quote from @Rob Jacobs:
Robert Kiyosaki would probably tell you to always use other people's money for your investments and keep your cash for yourself as long as the profit margin makes sense.
Yeah, I am thinking the HELOC gives me more leverage. Where it's at now at 8% if I lock in, every 10K is approximately $65 per month.
Post: Cash or HELOC?
- Investor
- Tampa, FL
- Posts 59
- Votes 59
Quote from @John McKee:
What is the current variable rate on your HELOC? I wouldn't lock anything at 8% because that seems high and it also takes away the flexibility of the HELOC which is the ability to pay it down or draw from it anytime. I would use cash first to fund your deals and then once you run out of cash, then tap into your heloc to fund more deals.
I believe the variable rate is a little over 8%. Let's say I do lock, I would only be locking in for that percentage of the HELOC I borrowed, not the whole thing. Only that "draw" in other words. Hope that makes more sense. I would never be locking in the whole HELOC in at 8%!
Post: Cash or HELOC?
- Investor
- Tampa, FL
- Posts 59
- Votes 59
Hi all. Question for you as I am not sure what makes the most sense.
In a blessed situation to have been able to save up some cash reserves and have a HELOC that is interest only for 10 years. Rate on the HELOC is variable from 1.99-18%, but, I can lock any "draw" at the current rate, which currently is around 8%. Given how affordable this money is, with the goal being to have 10-20 properties (depending on cash flow), does it make more sense to use cash to fund a couple deals or HELOC? I would be doing 20-25% down and then a conventional loan.
Thank you for any feedback!
Post: Pro & Con of Renting my house out vs airbnb in Frisco Tx
- Investor
- Tampa, FL
- Posts 59
- Votes 59
That's a big question.
To start, I would look at it in 2 ways... are you looking for something passive or that you would be self managing? I don't do Airbnb but hear it is challenging to get good property management. If you self manage, you will be busy. If you self manage a long term rental, you will probably be ok time wise if you select a good tenant.
Not sure what your goals are, but Airbnb provides more cashflow (usually) vs. a long term rental.
How big is the house, are you close to any attractions in the area? Alot of that detail helps too
Post: Cash-Out Refinance vs Selling Property (HELP NEEDED!)
- Investor
- Tampa, FL
- Posts 59
- Votes 59
If it were me, I'd take out a HELOC so you can invest in other property, but keep this home as a long term rental. It sounds like as others have mentioned, rent might be too high. The good news is you have solid margin, so even if you go into the mid or high 2000s, you still have cash flow.
Post: Any feedback on my listing?
- Investor
- Tampa, FL
- Posts 59
- Votes 59
Quote from @Nate Sanow:
If it was summer you’d probably be rented already. 2nd to that I always find there’s an odd sort of uptick in demand just before the holiday season. It could just be you hold on and wait a little while longer before adjusting again.
Oh good, I was worried holidays would be even worse. Hopefully it does pick up!
Post: Any feedback on my listing?
- Investor
- Tampa, FL
- Posts 59
- Votes 59
Quote from @Pra Che:
@Amanda Jarrett May be you already tired/thought about like some incentives like half-a-month rent free, free internet, etc.
May be Airbnb worthy thinking
if you have time and are patient.
Unfortunately I don’t have time to get it set up as an Airbnb as we move in 3 days. I may have to try an incentive but it seems like the people who are qualified say money is no problem…
Post: Any feedback on my listing?
- Investor
- Tampa, FL
- Posts 59
- Votes 59
Quote from @Scott Esmail:
I rent lots of properties and its very slow right now, the price may be fine but not many qualifed renters possibly looking right now. If it was me I would just slighty reduce the price to $25 less in Zillow so that it auto populates again on renters radars thru Zillow and see if that helps. You can try to get on other for rent sites too other then Zillow and by putting up a for rent sign in the yard if you have not already. The pictures look great. Good luck
Thanks! Do you think it looks bad to reduce the price multiple times on Zillow since people can see that?
Post: Any feedback on my listing?
- Investor
- Tampa, FL
- Posts 59
- Votes 59
Quote from @Suzanne Player:
The pictures look great, the house is decorated with today's trends in mind. I don't know Knoxville, but the location looks very desirable going by Google maps. This isn't a time of year when a lot of families are looking, that could be slowing things down.
Thanks! Yeah I think time of year has been a huge factor we didn’t account for enough.
Post: Any feedback on my listing?
- Investor
- Tampa, FL
- Posts 59
- Votes 59
Quote from @Paul Defngin:
@Amanda Chandler one thought, and I am not an expert on this but maybe try furnished STR and post on Travelling Nurses websites or at the hospitals nearby your home. Is that a possibility?