All Forum Posts by: Michael McCarthy

@davevanhorn how awesome is this biggerpockets community, I have Dave Van Horn the note guru answering questions to help me out! Thank you!

@davevanhorn thank you for your reply, is the only downside that if the bank decides to not allow me to take money out of the HELOC anymore due to a recession for example I wouldn't be able to pull my "money" back out. Anything else?

@davevanhorn I listened to the podcast last night and he explain its more so how to pay down your own mortgage with paychecks from your job. What if you don't want your paychecks to go into your HELOC that's more for business and I keep them separate, what's the best strategy when it comes to collecting rent? Park it in your HELOC and pay the bills out of there ? Have a spreadsheet knowing how much money is in the HELOC that is "yours"?. Just trying to figure out the best way to do it.

I have two rentals that I bought in the last year, both purchased under a HELOC. I just refinanced one. After reading @davevanhorns email mentioned paying down mortgages with sweep accounts. I can't find much information about it in detail. Do I transfer my rent that I get each month onto my HELOC and then pay the bills from that. What is the best strategy here?

I have a HELOC against my house which 80% is 165K. I used 70k of the 165k available to pay for the duplex. I have one last little project with the duplex this weekend and I don't anticipate any major costs in the near future especially with a new metal roof installed before I bought it. I will be looking to buy another rental this year with the remaining 95K in the HELOC and would like to slowly continue to scale. I have a 6 figure job and plenty of other funds to pay the HELOC if I got into a jam with vacancies. @Alexander Felice

I currently have a duplex that I paid for in cash through a HELOC, approximately 70K of the 165K available in total. My net income per month is approximately $800 after all bills paid and future maintenance repair money is put aside. The HELOC is a variable loan and currently at 4.5%, I called my local bank that I do business with and the refi would be 75% LTV, 20 year max at 5% (after I have owned it for 6 months which is next month), closing costs would be approximately $3200-3500. Do I refi? I would have to do a little research to see what the bank would access the house at but I think they would around $80k. Do I keep the HELOC going until I find another property to buy with the additional money and then refi to free up some of the money? What do you think is my best strategy going forward biggerpockets?

@Ana Garcia it is ordinary for me to post pictures online to rent out my apartments. Since I am the property manager of my apartments isn't it an ordinary thing to have to fill them via pictures?A better picture results in higher rent. 

I bought a camera a couple months before my first property that cost about $1k. I used it to rent out my duplex I just got and the camera was a huge help. The previous owner even told me he saw the picture of the kitchen online and said what a nice apartment. It took a minute for him realize it was the apartment he just sold. Any thoughts?

I bought a camera a couple months before my first property that cost about $1k. I used it to rent out my duplex I just got and the camera was a huge help. The previous owner even told me he saw the picture of the kitchen online and said what a nice apartment. It took a minute for him realize it was the apartment he just sold. Any thoughts?