All Forum Posts by: Brant Richardson

Is this a vacation property you visit and enjoy often? Or is it a vacation rental investment? If it is a pure investment, presumably worth 100k or more, and you are only grossing $4500 then sell it. Even 9k gross is pretty bad on a 100k property, especially if you are dealing with the hassle of short term vacation rentals.

If you want to grow your real estate business don't pay it off. Either sell the vacation property or use your cash to buy more doors.

Good job. Are you doing this in the Anaheim market?

Like Sara said, 30 year fixed rate loan would be desireable. The trick will be finding a lender who will give you a loan which is less than 50k if it doesn't appraise for quite as much as you were hoping. The other problem is finding a lender who will do it in 6 months rather than waiting a full 12 months.

Most people think of the HELOC as a short term loan that you pay back as soon as you can get traditional financing. I

@Mike McDermott

Thank you Mike, excellent information.

Is there a high likelihood of finding another good investment to put this money into soon?

You could always refinance some of that money out, which may be the way to go if your plan is to continue building a portfolio in Vegas. That would bypass the capital gains and sellers fees but you would have to leave 25% equity in it.

Personally I'm just scared of Vegas (no real estate experience there), I always take the cash and run.

I have heard of people who say they are the property manager instead of the owner. That way they still have authority but if a nasty situation comes up they can just say they are carrying out what the owner told them to do.
Some people will also have it in the lease that repairs less than a certain amount ($50 or so) are the occupants responsibility, which will cut down on light bulb change type visits. On the other hand if you pay the water bill and there is a leak, you want to know about it.

Right on. Keep us posted as the deal progresses.

Offer 61k.

You haven't mentioned ARV, rent or whether your plan is to flip/hold. 20-25k rehab is a fair amount, I would want a pretty good deal to do all that.

800 sqft is decent. I personally decided to stick with SFR's in KC for the exit strategy but the cash flow is significantly less than what you describe above.

My PM gets it. Clearly written in the contract.