All Forum Posts by: Amber Straub

Thanks Doug! Sorry I forgot to add valuable information. Yes he has to buy the spouse out, either through sell, HELOC, or refinance and then the question being with the equity how would you best utilize that for starting into real estate investing?

Hello all, 

I am a newer investor who currently holds two multi fams going really well. This post is for a friend who came to me seeking advice and I thought I could extend to this amazing community . 

My friend has a 4/3 home in Fort Myers FL, who is in the middle of a divorce. 

Current home value: $523,000

Amount owe: $263,000

Equity: $259,000

Interest rate/loan: 2.25%/30 year

obviously refinancing would be a hit with that interest rate, considering either selling or HELOC and investing into multi fam via house hacking.

Was wondering if anyone has any input or other advice! 

Thanks in advance! 

Thank you! This is very valuable information. How do you go about providing receipts? I use online methods for payments, but recently I noticed Zelle records were absent and this placed both myself and my tenent in distress, as we no longer had evidence of a deposit. 

What do you use for receipts? Thanks! 

Hey guys, 

I have two duplexes as a new real estate investor of 3 years. My previous methods have been unorganized and I’m looking to improve my methods. 

Currently, I have tenants paying via Venmo/Zelle. I’m doing leases via Rocket Lawyer and keeping track via paper and notes! It’s a mess. 

What’s the best system for real estate investors who privately manage their own properties??

thanks in advance. 

Thank you, @Dan H.. I do think property 2 may be a BRRRR option. I did quite a bit of work to it. I believe there is a seasoning period but I will speak to my lender about this. Thank you again.

Thank you for this excellent piece of advice. I do feel it's best to relax a bit. I am battling working extremely hard as a nurse and sacrificing my time with my child to recover, or utilizing my assets to work smarter and faster to recover. I do see 70% LTV would only be about 40k so perhaps grinding is my best option!

Hey there, 

I’m in a rut and looking for experienced advice for my next move. 

I purchased my first investment via house hacking Nov 2021 with a duplex in Naples, FL. 

Purchase price: 553k at 2.3% 

Mortgage balance: 523k.

Cash flow: $3250/mo after mortgage

Current value: 705k (via Zillow)

Then I purchased my second property which is a single fam with ADU in March 2023.

Purchase price: 535k at 6.7%

Mortgage balance: 506k

Cash flow: maybe a couple hundred after I move out. Right now the ADU is 2k/month and I live for free using profits from other duplex.

I put approximately 30k into rehabbing the main house on this one with a full kitchen and bathroom remodel. Significant improvements that I’m sure increase the value of the home. 

Problem: I am now strapped for cash and would also like to continue my real estate journey. Credit card is maxed from renovations with high interest rates. I work as an RN but am I single mother and the idea and pulling more hours makes me ill. I want to work smart, not hard. 

Should I pull a HELOC? Just work and Save? Refinance? What would you do with the funds if you did pull a HELOC? Fix and flip? BRRRR?

I have got the house hacking method down. But I have yet to use HELOC or refinance method as a stepping stone in my journey.

Any advice is appreciated! 

Thank you for your knowledgeable advice. I am taking everything into consideration. I will either request the property be permitted prior to title transfer as well as have a city inspector come and take a look. The property is a great investment but could be costly for me. Additionally if I cannot insure the ADU that could be problematic for my loan to go through. Lots to think about!

I am purchasing my second house hack! I have found a property where the main home is currently being rented and the previous owner has converted the shed (permitted as a shed) into a 2 bedroom one bath home/ADU. The ADU looks great but the problem is that is has not been permitted by the city. I am getting mixed signals about how important that is and/or what type of issues or concerns I should have about it. I plan on keeping as a rental but doing a refinance in the future. Coming here looking for any experienced advice on this dilemma. Thanks!

Hey there,
Looking for some experienced advice. I am currently house hacking multi families and am working on my next purchase. 

I have obtained an accountant and he suggested I create a corporation to quick claim deed my properties into. This would protect me personally in the event a tenant wishes to sue etc. 

However, when I speak to my mortgage broker, he is concerned that if I take my rental income and place it into a new corporation, I will not be able to use this income for two years. 

This would significantly hamper my ability to purchase property this year. 

What are your guys experience with this and how do you navigate around this issue. 

Thanks!!