All Forum Posts by: Chris Ayers

HELOC is what I used. It's when you take out a loan based on the equity of your primary residence. Some places allow 90% LTV.

Based on the numbers you provided, seems like you would be able to take out 16K.  (80k *.9) - 56K. 

0 days of vacancy in 5 years with Class A college rental property. Sounds like an oxymoron, but it works. 

Very similar, but I always found Lowes return policies to be better. They only ask if there's anything wrong with it and you have your money back in 2 minutes. 

A lot of people related them as follows although I don't think its necessarily true. 

Lowes = Target  &  Home Depot = WalMart

I think I remember looking into that market awhile back and the numbers don't pan out - at least in the downtown/beltway area. Don't know about outside areas like  mentioned. Almost as pricey as Ashburn.

@Scott Holmes I live not too far from you and I had to invest in outside markets where the numbers work much better than here.  You can PM me if you want to know more. 

Welcome Joe. 

I assume you've done your research in that area. How does it look compared to the rest of the country? 

I own a plot of land in Ocala (specifically Silver Spring Shores) and get letters from investors weekly about purchasing it. This makes me believe that the Ocala market is starting to boom. 

I'm thinking about building a home on it and could use some advice. Is it possible to generated good cash flow in that area on a new build? 

@Emmett McNulty 

Never thought of it in those terms, but it does make sense. 

After reading what you and @Russell Brazil mentioned, I believe I am going to keep the property. Since this is not my full time job and my goals are long term (early retirement), than it makes the most sense to keep this one and keep investing in the NC market in the future. 

Appreciate it. 

You are correct to this under normal circumstances. Given you are in a condo changes things. 

Do you really need to repair the roof or will the association do that? Check out your agreement and find out what you are responsible for. Your maintenance is less too since you don't have an outside to maintain or basement, etc... Your Condo fees might cover a good portion of your repairs. You might have the leaky toilet, but if you only have 1 toilet as opposed to a SFH with 3 bathrooms, then it changes things.

If you recalculate to lower your maintenance, capex and even vacancies (which I think are high) then your numbers look better.  

Its better be conservative though. 

Congrats on #1. Like people have mentioned before, it's very addicting -- but a good one to have. 

How's the neighborhood there?  I'm somewhat familiar with that area. 

Russel, 

Thanks for the response.  All great points which I agree with. 

If I wanted to not personally manage this property anymore while tapping into some of its equity, how could I make it work?