All Forum Posts by: Jeremy F.

Love seeing this thread. I just have a clarifying question regarding the 10% down second/vacation home loan... Does it mean you HAVE to be physically using the property for a minimum of 14 days of the year to qualify for those types of loans? I understand the different tax implications for whether you rent more or less and 14 days out of the year, but I am hung up on how much you have to physically use the property and what are the rules/laws constituting what "use" is. For example, if you live in New York and purchased a vacation property with 10% down in Montana to STR the majority of the year (lets say for 350 days its live, 15 days short of a full year for tax purposes) but you could only feasibly take a 7 day vacation once a year, is that a problem?

Thanks for putting this together Chantalle, I should be able to make it. Looking forward to meeting other investors in the area!

@Daniel Johnson This sounds great, I have it on my calendar as well. Appreciate the invite.

@Daniel Johnson I am also interested in attending as I am starting up my investment adventure in the triad area. I plan to visit the area next month to get ground knowledge and would love to meet others investing in the area at the next meet-up. I am curious, how have the previous meet-ups gone, any particular topics the group focuses on? Best wishes to all!

@Matthew Crivelli

You hit the head on the nail. We do live in a more expensive market in northern Virginia and are looking for small multifamily purchases below $125k to BRRRR so we will beed to look at outside markets. I was leaning towards the cash out refinance because of the low rates and because id like to vhabge from our 15yr to a 30yr to lower our payments... but the HELOC does offer an easier means for accessing the equity withought hving to apply closing costs and fees. HELOC does seem like a preferred method method for BRRR strategy?

For a first time real estate rental investor, is it a good idea to pull out equity from your primary residence in the form of a refinance, HELOC, or home equity loan based on today's current rates to fund your first purchase? If so, what would be the preferred method given today's terms and rates while still trying to protect the liability of your primary residence; what are the pros and cons of each?

This question reflects my current status as a new investor learning the ropes. Last year we refinanced our primary SFH of five years, originally purchased at $385k from a 30yr fixed rate of 4.25% to a 15yr 2.15%; today's market price is close to $550k. We have about $320k left on the mortgage leaving us about $230k in equity. My wife and I are deciding which is the best way to tap into this equity based on current rates and our plan for investing in small multifamily properties in the near future.

I love the vast experience and knowledge base of investors in the BP forums and appreciate all the feedback. Thanks!

Jeremy of VA