If you have rental properties across the United States, is it a good idea to set up a virtual mailbox? Will doing so protect your anonymity, or present any risks? That’s the first question I’m answering on this Q&A episode of Investing in Real Estate!
This episode features three great listener questions on virtual mailboxes, selling a rental property, and introductory interest rates on HELOCs. Press play to hear my answers to your real estate investing questions!
On this episode you’ll learn:
- What to consider about using a virtual mailbox.
- The best way to use your home equity.
- How to decide what to do with expiring introductory interest rates.
What to Consider About Using a Virtual Mailbox
A virtual mailbox is a service that allows you to receive your snail mail digitally. Essentially a company will set up a permanent address and then scan your mail so you can read it online. This can be a great option for investors who have properties in different states, or even for investors who travel. I would say that if you’re looking for anonymity, that’s very difficult to do in this day and age. I don’t see many risks of using a virtual mailbox, especially if you’re working with a reputable company. We have used virtual mailboxes before and it’s been a great experience.
The Best Way to Use Your Home Equity
If you’re able to, I always suggest utilizing your equity through a home equity line of credit, or HELOC. However, it really depends on what your end goal is. I would advise you to schedule an appointment with my team so we can learn more about your unique situation. You can schedule a free 30-minute call at morrisinvest.com.
How to Decide What to Do with Expiring Introductory Interest Rates
If you have a HELOC with an expiring introductory interest rate, you basically have three options.
- Try to pay down the balance before the rate expires.
- Do nothing and take the standard interest rate that will apply to your HELOC.
- Try to switch to a HELOC (or other banking product) with a lower interest rate.
I would say that it’s always worth your while to shop around. Meet with a banker and see what they can offer you. However, don’t only consider the interest rate. There could be other closing costs or fees associated with a new account. You’ll need to assess the numbers and see how switching products compares to taking the hit of the interest on your existing account.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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