All Forum Posts by: Erin Helle

I would find other ways to pay off the HELOC - even if you have no cash flow temporarily. Holding onto these properties would be most ideal for your long term wealth, obviously. And now is not a great time to sell.

I would pay off the debt first, too. Then focus on growing your money. 

Check the states laws- depending on the strategy, you may not have to register. Illinois, for example, does not make you register your out of state LLC if the property is a long term rental.
Regardless of which state you choose, be sure to maximize your liability on your renters policy and get an umbrella - this will protect you more than any LLC will. 

If you refinance the rental property, does the rent cover the expenses? 

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Investment Info:

Single-family residence fix & flip investment.

Purchase price: $107,000
Cash invested: $18,000
Sale price: $260,000

This was a down to the studs renovation. We overhauled all the major systems, replaced siding, exterior stairs and deck, windows, water heater, appliances, floors and subfloor, and drywall. We brightened it up with fresh blues and clean whites.

What made you interested in investing in this type of deal?

I have a great contractor and there was a huge margin.

How did you find this deal and how did you negotiate it?

This was a wholesale deal I found on Facebook. I had my contractor and realtor check it out, give me their numbers, and then I offered.

How did you finance this deal?

Hard Money-100% financing.

How did you add value to the deal?

I renovated it entirely.

What was the outcome?

A 199% return on investment after paying realtors, contractors, taxes, etc.

Lessons learned? Challenges?

I always learn lessons! #1- Don't sign for the appliances until you confirm they work because the manufacturers will not take them back. #2- partner with the right person. My partner bailed halfway through this one and I had to pay cash to buy her out. #3- don't listen to the naysayers and invest in what you know, and what you assess as aligning with your why and your goals.

Thanks!

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