All Forum Posts by: Brandon Wallace
Brandon Wallace has started 9 posts and replied 13 times.
Post: I’m new to Airbnb and looking for any advice
- Posts 13
- Votes 7
My friend is the property owner. She is moving to Texas and I am the property manager because I live in the area. Essentially, we would like her to be able to be hands off and I’ll take care of it all.
My first question is, what should I set for a cleaning fee? Our cleaner said she would charge anywhere from $100-$120 per cleaning. Right now we have the cleaning fee set at $50/stay. Is $100-$120 too much to charge for a cleaning fee? To me, that seems very high.
Also, any other advice would help a ton! We are both brand new to this. I currently own one rental but I am new to the STR's. Thank you in advanced!
The Airbnb: https://www.airbnb.com/l/Wpo4lJUc
Post: Looking to buy my second investment property
- Posts 13
- Votes 7
Quote from @Ash Hegde:
A HELOC can work for this, but keep in mind it has a variable rate, so it isn't the best product for keeping a balance long term.
If you have a lot of equity, sometimes a cash out refi will have a better rate than the blended rate of original mortgage plus HELOC. That may not be the case here since you've only owned your property for two years.
The target investment property looks like it will cash flow nicely!
Post: Looking to buy my second investment property
- Posts 13
- Votes 7
So over 2 years ago I bought my first investment property. It's an upper/lower duplex that me and my fiancé live in while renting out the upper unit. We are looking at getting another investment property. We don't have much cash on hand to buy and fix up our next property. We've looked into the refi or HELOC paths. We don't want to do a cash out refi due to having a 2.5 interest rate. So we were leaning more towards a HELOC. Is this a smart move? Why or why not? The property we want has been vacant for 2+ years now and it's 4 houses down from us. I Would offer the owner no more than $85,000 and probably needs $30,000-$50,000 worth of work. I Can probably rent it for $1,200-$1,300 when it's all done.
Post: Rent-to-Own contracts for rental properties
- Posts 13
- Votes 7
Hey guys! Wondering if anyone does rent to own contracts for their rental properties? Currently reading a book by Kris Krohn, about how rent to own contracts with single family homes are better than renting out a duplex because there’s more avenues to make money from. Curious how these contracts work. I can’t find much online about it.
Post: I want to start wholesaling and looking for assistance to get started
- Posts 13
- Votes 7
Hello, I am super interested in wholesale real estate and need to get started. Looking to see if there's anyone out there that have experience and are willing to mentor me, give me do's and dont's, have proper legal pre-written contracts. Any info would help tremendously! Thank you
Post: Cash out refi to a higher APR?
- Posts 13
- Votes 7
Quote from @Patrick Rhodes:
Brandon,
It sounds like you have an amazing set up going for yourself. Because you need the cash to continue on investing and have the desire to get another property, I would look into a HELOC ( Home Equity Line Of Credit). This would allow you to keep your current mortgage with that killer rate and borrow against the remaining equity in the home. A typical HELOC would allow you to borrow 75-80%. You are only charged interest on the money while you are using it.
I would start by talking to a local bank.
Hope this helps.
Post: Cash out refi to a higher APR?
- Posts 13
- Votes 7
Quote from @Bryce Hammill:
What about doing a Heloc?
Post: Cash out refi to a higher APR?
- Posts 13
- Votes 7
I'm about a month out from finishing the rehab on the property. (I own a upper/lower. Upper is being rented out for $990/month and my mortgage is $760/month. I plan to live in the lower unit when finished) I have a 2.88% APR which is good! But my question is, would it be a bad move, financially, to do the cash out refi when interest rates are now as high as 7%? Would like to buy another property soon but would need the cash out refi funds to do so. Should I wait for interest rates to go back down?
Post: What is the smarter move?
- Posts 13
- Votes 7
I have my first rental and plan on buying more throughout the years. What is the smarter move when it comes to spending your rental income? Use it to pay off the houses quicker so I can have even more rental income in 15-20 years? Or use the rental income to pay for my other bills in life? (Car payments, groceries, phone bill, utilities)
Post: What do I do next to continue growing my portfolio quickly?
- Posts 13
- Votes 7
I’m 23 years old, working a full time construction job. I just bought my first duplex and plan on using all my free time to rehab the property (mostly doing the work myself). Once finished l’ll have a tenant in the upper unit and I will be moving into the lower unit (currently living with my parents) what is my next step to getting more rentals quickly and adding more properties to my portfolio? Thank you