All Forum Posts by: Joe M.
Joe M. has started 46 posts and replied 407 times.
Maybe get Scott Trench book Set for Life. That might help you plan out your own path
Post: Taking down trees for water view?
- Erie, PA
- Posts 413
- Votes 348
Not sure about value bump...but I know I would pay a bump for water view
Post: Comparing Home Equity Loan and HELOC-What should I know?
- Erie, PA
- Posts 413
- Votes 348
Is my title bad? Should I have asked how to get started in real estate?
Post: What's the one, most important thing you are focusing on now?
- Erie, PA
- Posts 413
- Votes 348
Making sure personal finances are in order. If those arent, the business wont be in order either
Post: Comparing Home Equity Loan and HELOC-What should I know?
- Erie, PA
- Posts 413
- Votes 348
Originally posted by @Timothy D.:
Use HELOC as last resort due to varible interest rates
Thanks for the post
Why do HELOCs seem more common?
Post: Comparing Home Equity Loan and HELOC-What should I know?
- Erie, PA
- Posts 413
- Votes 348
Hey BP. Help me plan ahead a bit and try to map out my next move. I also might be overthinking this, but its because you dont know what you dont know haha
If I had a paid off rental, what would be the differences in using a Home Equity Loan vs a HELOC to purchase a new rental? I understand basics of both and also know HELOCs on rentals are not easy to come by.
I would think a equity loan would be better due to 20 years and fixed rate.
If I used a HELOC, would I then refinance cash out of rental #2 to pay off the HELOC and get it into a 30 year?
Just trying to visualize what these would look like and what is best for me and my goals. Thanks for any help you can offer
Post: Rent increase during state of emergency
- Erie, PA
- Posts 413
- Votes 348
While trying to raise rent during a pandemic, what if your tenant says "Im not doing that"? Pretty sure cant evict in CA currently
Post: Rent increase during state of emergency
- Erie, PA
- Posts 413
- Votes 348
What if the tenant just says "No?"
Post: What Markets Did Poorly the Last 10 Years?
- Erie, PA
- Posts 413
- Votes 348
Originally posted by @Ethen Armstrong:
Originally posted by @Karl B.:
It depends on what you mean by places that did poorly. I mean, if you're talking little to no appreciation, Erie PA (a city I invest in/grew up in) would be a great example. However, the cash flow is typically very, very good.
The main reason for this lack of appreciation is in the past: local government has been pathetically bad.
City Council is still a joke though the mayor (despite everyone's complaints) is the best mayor we've had since the 1980s (if not earlier - everybody from 1990 on was bad - I was born in the 1980s so I don't know who the last good mayor was).
If local government can improve and make the city business friendly there could actually be appreciation.
Erie may just have some appreciation turnaround on its way. They just signed a contract this year for an East Side Redevelopment program that looks pretty promising. I can send you the info sometime.
Would love to see that too if you could send it to me too. Thanks
Post: Let's raise the rents!
- Erie, PA
- Posts 413
- Votes 348
Or pending your state, paying customers might get annoyed you are raising rents on them during a pandemic and not pay for a few months...have fun getting nothing