290: Rookie Reply: Best HVACs, HELOCs, and Using Home Equity to Buy Rentals

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 27 May 2023

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want to know how to use your home equity to buy your next rental? You could be sitting on tens of thousands in potential funds that’ll make saving for the down payment MUCH easier. But first, you’ll need to know how much equity you have, the amount you can pull out, and whether or not a HELOC (home equity line of credit) is even worth it. So, if you’re itching to get your next deal faster, stick around! Ashley and Tony will give you the info you need to take your money and multiply it! Welcome back to this week’s Rookie Reply, where Tony wears a hat! Aside from covering up that beautiful bald head, Tony and Ashley have some solid tips for anyone looking to buy a property with tenants in place, debating the value of a whole house HVAC system (heating, ventilation, and air conditioning), or putting up the pros and cons of private lenders vs. bank loans. You’ll learn the many ways to cool your house, how to confirm rent payments before you buy a home with inherited tenants, and how to make passive income by private lending! If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE). In This Episode We Cover HELOCs (home equity lines of credit) and using one to buy your next property HVAC systems vs. window units and which demand higher rent prices How to make completely passive income by becoming a private money lender Raising capital vs. taking a bank loan and why big investors ALWAYS raise money How to confirm rent payments BEFORE you buy a property with tenants in place And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Sign Up for BiggerPockets Pro to Get Lawyer-Approved Lease Agreements: BP Pro Lease Agreements Connect with Other Investors on the BiggerPockets Forums Submit Your Real Estate Rookie Question! How to Buy a Rental Property with NO Money OR Credit w/Pace Morby Follow Rachel Richards (MoneyHoneyRachel) on Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-290 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie episode 290.
0:04.3	The cost between like a mini-split, a duckless kind of HVAC system versus the traditional
0:11.2	systems are pretty comparable but the reason we typically go with the mini-splits is because you're
0:16.8	able to hopefully this is kind of our logic is to save on your costs a little bit because you're
0:22.2	able to turn it on by the room. So if you only have one unit going then it's only just that one
0:27.3	kind of part of the house is going to pose a lot of the central heating and air review.
0:30.9	You only have, you know, if it's a small house maybe there's just like one unit that's trying
0:34.6	to cool the entire house. My name is Ashley Care and I'm here with my co-host Tony Robinson.
0:39.7	And welcome to the Real Estate Rookie podcast where every week, twice a week we bring you the
0:43.5	inspiration, motivation and stories you need to hear to kickstart your investing journey.
0:48.0	And we're back with another Rookie Reply where we get to answer your questions from our
0:51.2	Rookie audience and give you guys the insights as if you're sitting in the same room with me in
0:54.6	Ashley today. Today's Rookie Reply we're actually going to be turned into expert HVAC service
1:04.0	text Tony and I and also our producer does chime into correct us so maybe not that expert but
1:11.1	we are going to talk about different ways to heat and cool your house and I promise this does
1:16.5	have something to do with real estate investing. When you are looking at properties what are the
1:21.1	different options you may have and what may be better or worse for you depending on the property,
1:27.6	the area you're in and what kind of investment you are doing. The next thing that I really like
1:33.6	we touch on are security deposits. You are inheriting a tenant. What happens with the security
1:41.1	deposit? Are you getting a check? Are they having to pay you the security deposit? Do you get it from
1:47.8	the seller? Do you have to come up with your own security deposit for the tenant and we'll talk
1:52.6	about all things security deposit. We'll talk a little bit about the differences between a home
	...

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