Would house-hacking a 5 unit or more multifamily property, where there is a value add opportunity, by which the appreciation (equity) can be forced by raising rents and/or lowering expenses be a better option?
It could be. You would have to run the numbers. Another thing to consider is that you are going to get better rate/terms on a 1 - 4 unit than a 5 unit. Anything 5 units are higher is going to have commercial financing. That doesn’t mean it’s not good. You just have to factor that into your analysis.
I don’t know of any banks that will do a 2nd position HELOC on a rental. Caeli Ridge has a 1st position HELOC on a rental loan program. You should reach out to her to see if it makes sense for you.
Will you ever post the whole call?
That’s the whole call. It’s over 20 minutes
Would house-hacking a 5 unit or more multifamily property, where there is a value add opportunity, by which the appreciation (equity) can be forced by raising rents and/or lowering expenses be a better option?
It could be. You would have to run the numbers. Another thing to consider is that you are going to get better rate/terms on a 1 - 4 unit than a 5 unit. Anything 5 units are higher is going to have commercial financing. That doesn’t mean it’s not good. You just have to factor that into your analysis.
Is it possible to use my residence that I now rent out to a family member for a HELOC?
I don’t know of any banks that will do a 2nd position HELOC on a rental. Caeli Ridge has a 1st position HELOC on a rental loan program. You should reach out to her to see if it makes sense for you.
do we know how much the client is cash flowing from the $129K home he boughtwith the HELOC in Tennessee?
I’m not sure. I’ll see if I can find out.
She keeps saying "golden ticket". What does that mean??
Your first 10 loans are going to have the best rates/terms. Those are your golden tickets. For loans 11+ you are going to pay a little more
@@RentalIncomePodcast Got it! Thanks!
He needs 35 homes to make $8K a month? Where the heck does he live??
Virginia