Renting WHILE Building Wealth by Buying Properties Close and Far from Home
Description
This rookie investor decided that instead of purchasing her own home, she’d buy rental properties in other areas, helping offset her high cost of living. Within just around a year, Mary Ho has bought a run-down property, performed a six-figure renovation project, got her first renters, refinanced the property, and then bought ANOTHER rental right after! Now, she’s sitting on two properties with three units in total, managing her rentals remotely and building wealth without the traditional boundaries.
Mary and her family live in Manhattan, an infamously expensive real estate market. She and her husband wanted to invest, but there was no way they could do it locally. So, she decided to start investing with “training wheels”—investing in a market she was familiar with that was within driving distance of her. She went WAY over budget on this first property, but it worked out in a way that would help her with deal number two!
From there, she went much farther, buying a multifamily property over a thousand miles away from home. How did she handle renovating, furnishing, and finding tenants, all while she was so far from her new property? How does she juggle it all with her job and kids to take care of? What’s the secret to her productivity? She’s sharing it all in this episode!
In This Episode We Cover:
Where mortgage rates are right now for refinances and HELOCs
The HELOC hack that greatly minimizes your interest in your next equity line
Caeli’s interest rate forecast and where she thinks rates could be in the near future
When waiting to refinance could cost you, and whether rates may go UP again
The metrics that influence where mortgage rates will go next (what to pay attention to)
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Real Estate Rookie Facebook Group
Find Trusted Property Managers with BiggerPockets Property Manager Finder
Get the Book on BRRRR “Buy, Rehab, Rent, Refinance, Repeat”
Find an Investor-Friendly Agent in Your Area
Should You Invest Locally or Long Distance?
(00:00 ) Intro
(01:52 ) Interest Rate Update
(06:34 ) Why Rates Went UP
(11:59 ) Should You Refinance?
(18:17 ) Current Refi Rates
(19:37 ) Best HELOC Hack
(29:01 ) Interest Rate Forecast
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-474
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