All Forum Posts by: Allen McGlashing

Had anyone heard of the lender "Lower" when I searched online for a bank to offer 95% LTV for a HELOC they gave me "Lower" I wanted to see if anyone had heard of this company before I start filling out an application.

Hello everyone,

I am working on my 3rd deal. Here's my story I house -hacked my first 2 homes and now I am looking to buy my first out of state investment property in FL. I contacted 2 banks so far I plan on calling more to try to get a HELOC on anyone of my properties, but they stated they can't because the LTV is to high (above 80%) on both. Unfortunately that was part of my plan to tap into my Home equity for the down payment. I would love to get into private money lending, but am still hesitant. If anyone has done deals using private money or hard money could you share your experience. Or any recommendations on lenders I could reach out and talk to.

Best

-Allen

Could anyone recommend a HVAC company in the southern NH area I have a multi-family in Derry NH and will be replacing the AC unit very soon before summer.

Hello everyone,

I am trying out the “Out of state investing” and the place that comes to mind to me is FL. I have an old colleague that is a real estate agent down there and insists that Lehigh acres and meadowood area is great. I ran the numbers on some properties he gave me and they look good, but without visiting I can’t get the feel for the area. What class would you categorize this area and how does the rental market look. Just looking for someone else’s perspective.

When I started my real estate journey here in MA, Lawrence was on my MLS list and my realtor said "that's one of the cities you don't want to buy in". I ended up investing in Lowell the city right next door. There is good parts and bad like everywhere. Lawrence is definitely one of the worst cities in MA. That's why the market is cheaper.

Hey guys, so I am coming up for the 3 year mark on when I moved out of my first house hack. It is a 3 family I moved out and rented all 3 units. Now I’ve been trying to do research (what better way then to ask the BP community) on if I can use the first time homebuyer program again to have a low down payment; what I have seen ( I live in MA by the way) is that if you don’t have a primary residence for 3 years you can qualify again for the first time homebuyer program again. Now I only have that one house and I have been renting for the past 3 years. Any insight would be greatly appreciated. Thank you guys

Hey guys, so I am coming up for the 3 year mark on when I moved out of my first house hack. It is a 3 family I moved out and rented all 3 units. Now I’ve been trying to do research (what better way then to ask the BP community) on if I can use the first time homebuyer program again to have a low down payment; what I have seen ( I live in MA by the way) is that if you don’t have a primary residence for 3 years you can qualify again for the first time homebuyer program again. Now I only have that one house and I have been renting for the past 3 years. Any insight would be greatly appreciated. Thank you guys

Hey Christian, thank you for your insight it won’t let me tag you in my reply so hopefully you see this; anyway once you refinanced out into an investment loan were you able to have a low down payment for the next FHA multi-family loan. I want to figure a way to put down 3%-10% on my next owner occupied multi-family the lowest down payment I found so far is 15%. One other question once you refinanced out of your first loan into a investment loan how dramatic was the change in interest rate? I currently have a conventional loan with PMI at 3.25%APR. Thanks for sharing your experience

Hey Christian, I’m going through the same thing currently. I bought A 3- family a year ago,but used a conventional loan with a down payment of 5% now I’m looking to buy my next house hack using the same strategy, but having trouble getting financing. The biggest issue is the lenders I talk to won’t use my rental income as a means to lower the Debt to Income ratio.Just seen this post and wanted to know if you had any luck with lenders or any advice since you’ve been thru this. Thank you

Ok thank you what I’ll do is try to shop Lenders and try to explain my situation before hand so each lender won’t have to run my credit. Someone is bond to count the rental income to the DTI ratio.