All Forum Posts by: Lee S.

that is exactly what I do with my heloc.  I went through state department federal credit union (SDFCU).  Anyone can be a member.

I just got a 95% LTV heloc on my primary with a 3.9% interest rate. I agree that heloc should only be used for short term financing for buy/sell and or rehab projects. I would not permanently leverage my primary residence in order to buy an investment property.

 You just gained some more brownie points, I've got a sizable amount of TSLA shares and a couple model 3 reservations.  I've almost pulled the trigger on a model S a few times but couldn't get myself to do it, I don't roll as high as you do.  My one disagreement with you however is your estimated cost on the Solar Roof. Nobody knows what they cost because Tesla hasn't released the cost yet.  If I was getting ready to do what the OP is going to do (I'm a big solar proponent) I would absolutely wait until the specs on the Tesla roof come out later this year if at all possible.  We can guesstimate costs on the roof based on Elon's vague statements but I wouldn't wager any money on it.

I think Solar is one of the best investments you can make.  I've got an 8kw system on my house and the return has been 15-20% RISK FREE, NO TENANTS, NOTHING.

I'm in the BRRRR camp personally. I just got going this last year and in my market there is no way I'm paying retail for a rental, zero chance of being profitable.

I think best route is to have multiple businesses with in REI, use short term flips to pay off rentals quickly. Better to have 20 debt free than 50-100 making $200 a month. If you use this method you could do it reasonably quickly with a full commitment.

I recently rented one of my houses and initially I wasn't getting many calls.  I also had it listed on zillow and cozy along with craigslist, or so I thought.  

Turned out my craigslist ad didn't post correctly due to my error, as soon as I fixed that my phone and email blew up and I had a long line of qualified renters.

I did have the advantage that we are very short on rentals and mine was freshly rehabbed.

Moral of the story, I think more people still look at craigslist.

@Patrick Milia Everything your doing is perfectly legal in California but I'm not sure about Florida. You do have equitable interest once you have a purchase contract. The MLS states "seller" and not "owner" when listing a property. I think you will be fine with a conventional or cash buyer but FHA needs seasoning. I have not done a wholetail deal yet myself but I've studied up on it as I do plan to use it when possible. I wouldn't do one without having the ability to close and possibly carry the property short term though.

personal name with umbrella policy.

 I'm using cozy.co.  There is no fee to either party if you use ACH transaction.  The only downside is waiting about 7 days for the deposit but that is a non issue to me.  If you're running your business so tight you can't wait a few days for a deposit you have bigger issues!

you can do a wrap but beware of the due on sale clause.  Not necessarily a unique approach, it's a win win because property seller gets a higher price and cash flow and buyer doesn't have to pay a middle man 300k in interest during the life of a loan.  Seller may or may not Ben knowingly giving up making the extra pile of cash in interest but that is their choice, they can say no.

even better is having rent collected electronically and automatically so I don't have to see a tenant or a bank.