All Forum Posts by: Josh M.

Great responses, thank you, I appreciate the encouragement and may hit you up with some questions on scaling in the future.  Thanks 

Hi all, If you were doing your first deal with a Heloc and your mortgage limit would be 400K-500K for a vacation home loan, which market in the Southeast would you choose right now, and why? 

Looking for a regional, drivable market that I could maximize to ultimately scale.  

Thank you for your help. 

 Thanks!  I've read in a number of places about going to Penfed for Helocs.

Thanks for your help! Do you have Heloc lenders you would recommend?  I've read PenFed and Synovus are good ones to check out.

I am looking fotlr a vacation home, 10% down lown. Do you have any lenders you've used in would recommend?

The overall goal, is to get 10 Str properties within 7 years.

Thank you for your help.

Thank, @Nancy Bachety. I agree, hopefully some will find use from it.

Thanks for your help @John Underwood and @Billy-Dee Greenwood.  This makes sense. 

My take-aways are:

• Get a Heloc for the max I can.
• Don't take any out until I know what I need, (ie after getting the contract and then I will know how much down payment is needed.)
• At that point the lender will then take into account the Heloc.

Thanks again!

Thanks @John Underwood!  I understand.  The idea is for everyone to input their own info with links, if possible.  This way if there are 3 or 4 TP's in there, the user can just select the one they want from the list without having to do the research.  

I agree on your suggestions, I'll go ahead and add those blank fields and if anyone wants to post what they use, that would be helpful.

Hi All, I wanted to post this in case it's helpful to the community. The idea is to have a shared Google Sheet on what items people use to restock their STR so that when it comes time to restock an item they can go to the sheet and choose from what others have posted.

I had the idea from trying to search through the forum for the best sheets to use.  I think that's an inefficient way to find what's being used. 

This way, interested people can put in what works for them and can help save other STR operators time.  This would be especially helpful for new STR investors.  

It's an idea, not sure if it's a good one, if it's not, it can be removed, but wanted to float it in case people thought it was helpful. 

Document Use:  Please feel free to fill out what you find helpful.
You can insert as many rows per item as you would like, ie 5 different sheet options, but please only post items that are helpful in getting 5 Star reviews.  (After you update it, it may be a good idea to download a copy for backup incase it is ever taken down.)

Link:  https://docs.google.com/spread...

Sample:

Hi, I have a few questions about using a Heloc and getting a loan for a second home (vacation that I do intend to stay in part of the year.)

Scenario:

• House value:250K
• Loan balance: 50K
• Equity: 200K

Goals/Plan:

• Get 10 STR properties. I would like to get a second home loan 1st (10%) down.
• Use a Heloc for the down payment and let the cash flow pay back the Heloc. 

Questions:

1. Should I get a Heloc for the max amount and then only pull what's needed for the 10% down payment (60K or so)?
2. How would getting a Heloc impact the 10% down loan?
3. Should the Heloc be obtained before filling out a loan app with a lender?
4. Where are some good places to get a Heloc?

Thank you for your help.