All Forum Posts by: Steve Holly

I posted the other day and it raised more questions. Quick scenario is this: I am acquiring a cabin in South Lake Tahoe which has been in my family since the mid 80s. Will be owned free and clear by my sister and I. We have created an LLC to take ownership together, but can also take ownership in our names only (transfer is not yet completed). Awesome location, walking distance to the ski resort/casinos. Property is dated and I would like to do some updating to make it a nice rental property. I thought about a cash-out refi, but I would rather not pay it back over 30 years. Looked into a HELOC, but apparently banks don't want to open HELOCs on non-owner occupied properties. What other options do I have?

 I'd be open to learning more.  I tried a "home improvement loan" lender (which I understand to be the same thing?), but as soon as they heard the word "rental", they shut me down.  

Why would a lender not want to be in first position?  Im acquiring the property from my parents who have owned the property since the early 90s... they inherited it from my grandpa who purchased it in 1986.  It's totally livable, but super dated.  I want to improve the property and create a nice home for a tenant (and increase rental value!).  

I was leaning towards a cashout refi, but ultimately, I would be financing that amount over a long period.  I'm hoping there is a shorter term option where its not financed over a multi-year mortgage term.

I have a really cool situation where I'm acquiring a SFR in a major tourist destination town. I will own the property free and clear. It needs some cosmetic renovation but I'm having a hard time finding a lender for a HELOC on a non-primary residence. I'm putting the feelers out and hoping there might be an investor-friendly HELOC option out there. Property will rent for $1500-$2200 a month once updated. STR is banned in this location.

We're in escrow on our first duplex.  Wondering if its "normal" to keep home warranty polices in place?  Whats your experience?  Do you keep home warranties on your properties, or just deal with the issues as they arise?  The subject property we are buying is a 1922 construction with an upstairs unit, a main level unit, and a full, unfinished basement that will eventually be converted into a 3rd unit.  Thanks in advance!

Whatever makes the most sense. However, being ex-Californians we’ll stay away from CA investments.

Hello all, Ive been a residential realtor for 10 years, but am diving into multi-unit investing.  I'd would love to have a discussion with someone whose had success marketing to landlords.  I know some folks do mega-mailings in hopes to find the needle in the haystack, but I would love to hear what you all have to say.  Im not a big company... just my wife and I who are looking to provide value to future tenants, and create passive income in the process.  Thanks in advance! 

Hi all, I am looking for our first multi-unit property, but am hoping there may be other resources aside from Zillow/Trulia/Realtor and LoopNet.  Are there any other resources for locating properties in the 5-20 unit range?  Thank in advance!