All Forum Posts by: Emily Pierce

It depends on your plans for how you will invest the money, but I was in a similar situation and opted to do a HELOC because it offered me more flexibility. For example, you can buy a fixer upper with the HELOC funds, season it, then refi into traditional mortgage and rent it out. Once you pay back the HELOC, you stop paying interest on that loan. If you cash out refi, you are always paying the mortgage whether you're using the money or not.

When starting out, do all the work yourself to learn the ropes early on. 

Hi Bryon! Good luck with your ventures!

Where is your property located? I am currently managing a flix and flip in Oakland County (about 30 minutes north of Downtown Detroit) with my partner and have a team assembled. Feel free to PM me to discuss your needs further. 

Hi Ryan, something to think about with the LLC is that you'll likely lose your homestead tax credit if you'll be living in one unit. Also, I believe you'll also lose your capital gains tax exemption if you want to sell.

The terms of your mortgage contract may not allow you to convert to an LLC anyway and the mortgage could be called due.

I personally would not put my personal residence into an LLC. Just a few things to consider.

@Mike Henkel

 Congrats on your success. I went to Northwood University just down the street from you. 

I have a townhouse and like everyone stated, the HOA can ruin you AND increase fees anytime they like in many cases which can kill your deal. Additionally, many HOA's in south fl have restrictions on renting out the units. I got mine for a fantastic deal and initially purchased it for my residence, and luckily my numbers are working for buy/hold but I won't be getting another one. I'm currently looking into getting 2-4 unit multi families.

Congrats Jon! Thanks for sharing the details. 

Hi Everyone,

I have some projects I'm working on and am having trouble finding good help! 

I need a contractor or handyman for some of the smaller projects that is experienced, responsive and respectful of time!

- a flat roof replacement 

-aluminum fence installation 

- brick patio installation

Any recommendations would be appreciated. 

Sorry to be late to the discussion. I received a few quotes from my mortgage broker and his quotes are asking for anywhere up to $5k down. I have never done a refi before, is that on par or should costs be lower? It seems high to me. I also have an FHA loan, looking to decrease PMI and interest rate.