All Forum Posts by: Richard Helppie-Schmieder

Hi @Eder Tavares! I think it may be tough to find someone that has experience in both markets, but are you looking to purchase a property for STR or do Airbnb arbitrage?

@Patrick Rabalais those numbers are cray. Fannie and Freddie product require 20% down I believe (but it has been some years since I used one of their products). Any solid mortgage broker can shoot you straight on this. I recommend AV Vaghela with Highlands Mortgage.

@Kerry Noble Jr Dropping truth bombs over here.

@Steven Arterbery The more places you can look where other people aren't, the better. It naturally makes it less competitive. FSBO is a great start, but a lot of people have access to that list. Something that has worked well for me in the past is sharing with others, in every conversation, that I am looking for my next property to buy.

@Matthew Berry as long as you don't work with New Western or Net Worth, I am a Denton buyer and would love to see properties you are trying to unload. Have done 7 deals in Denton, with 3 of them currently being holds. Thanks!

@Steven Arterbery what has been your biggest bottleneck to keep you from knocking on 40 doors a day?

@Ryan Cooley technically they were all banks, but very localized ones.

@Paris Capers Why not get a HELOC? That way you can have access to the equity with typically less than a $500 expense for the appraisal. Way less than a re-finance and seeing that your rate is already incredibly low, it seems like a HELOC can accomplish what you are looking for.

@Brian Stutzman Local banks will typically open a line of credit for you against your paid off home. The cost for a one-time appraisal seems worth it if it means being able to close more deals. You should get your ROI pretty quickly, but my advice is a line of credit from a local bank that gives out portfolio loans in real estate. (same thing as a HELOC, but don't see them market it that way ever).

I wouldn't sweat it on your first deal. Try a few different brokers and you will eventually find someone that you work well with. I even used a bank that lost a deal for me one time. I soon found a broker that I used and closed 5 deals with shortly after.

I agree with @Patricia Steiner. No harm no foul yet, but be sure to stick to the lease. If there truly is a concern, you can always send someone once a month to change the air filter and make sure everything is looking good inside.