All Forum Posts by: William Battistelli

It is hard to find a financial planner that advises about real estate investing. Most of the time they would be paid by a percentage of your assets under their management. If your assets are tied up in real estate, they aren’t getting paid for advising about them.

Advisors have started charging a monthly “subscription” retainer fee, but this is usually aimed at younger clients without large brokerage accounts where a percentage of assets fee would apply.

I think real estate is a great way to generate passive income for retirement, but your normal financial advisor won’t be able to make money off of your rental portfolio.

@Joe Crupi

The governor signed the bill last Friday to remove the short term rental tax for direct rentals. It still exists if booked through VRBO or Airbnb.

I have my house on a listing site, not a booking site. I also post to a local Facebook rental group.

My first rental property is a vacation rental in LBI. We get to use it for 2 weeks in the summer and a lot of weekends in May/early June and September. We then rent it out from mid June through Labor Day (other than our two weeks). Technically our expenses aren’t completely covered, but we end up spending less than we would on a 2 week rental that we would have anyway.

In 28 years now (hopefully sooner with other investments), the property will be paid off and our vacation cost will have gone down significantly. I’m using the renters to significantly subsidize our 2nd home.

In the two years we’ve own the property, I’m believe it has appreciated about 14% based on recent sales.

This summer we had the issue of the short term rental tax which impacted our rentals, but they have been overturned.

@Luis Escudero

Yes, when I buy a rental property, I will have a payment associated with the HELOC based on what I have outstanding in addition to the mortgage on the property. The rule of thumb that most banks work with for minimum HELOC payment is 1% of the outstanding balance.

I agree with what @George Gammon says about HELOC vs cash out refi. I've been sitting on the HELOC for a few months analyzing deals until I found one that fits my criteria. During this time, I've had no payment on the HELOC because I've had no outstanding balance.

My goal is to aggressively pay down the HELOC balance and repeat the process over and over again.

I like the idea of BRRR, but currently don't have the time to dedicate to something like this. I'm working with a turnkey provider and will be dealing with a property manager to handle the day to day.

I agree, the HELOC I just got was 7%, but gave me a combined LTV of 95% with my mortgage.

I’m ok paying a little more in interest to have access to more capital.

I recently got a HELOC through Navy Federal on my primary residence. I was able to get 95% combined LTV with my primary mortgage.

I'm in the process of using this HELOC as a down payment on a rental property. My plan is to pay off the HELOC aggressively and do it all over again and again.

One thing I've seen used, and used myself is using the address as the name of the LLC.

The concept is simple, but could have a few drawbacks:

1. If the address is complicated (lots of numbers or difficult to spell) could be difficult for tenants to write out checks.

2. If multiple properties are owned within one LLC, tenants could be making out checks to a different property named LLC

3. I'm would assume the mailing address of the LLC would be different from the address used as the name of the LLC. Tenants have been confused about mailing something to 123 Main Street LLC at 456 South Street

Good luck in your name search and real estate adventures.

I have looked into their Orlando properties. I believe they sell them in increments of 1/13th ownership which give you access to 4 weeks. I believe they have a rental program that if you go for one week, and rent the other three, there “should” be no out of pocket cost for the year. Basically the rent pays the annual maintenance costs as well as the property management costs. Renting all 4 of your weeks actually provides you with rental income.

I did like that all of the properties came furnished.

They also claim to have interesting buy back programs with a guaranteed payout (after 10 years?)

I never pulled the trigger because I couldn’t find any reviews or testimonials that seemed both legitimate and positive. A lot of the negative ones I saw just seemed negative about the idea, but didn’t have any specific interactions with this group.

With that said, I have not ruled it out and would consider it again once and if I get more information from people that have been through the process with them.

I’m also from the central jersey area and interested in joining these meetups.

About two and a half years ago I set up an overfunded whole life policy. Pretty much everything about the policy was customizable.

In about another year or so, my cash value will be big enough to support a loan for a down payment on a smaller Midwest property.

I first learned about the concept in the book bank on yourself. It provided a detailed analysis of how the policy works in an easy to understand format.