All Forum Posts by: Benjamin Orozco

@Kris H.

With the DTI changing I believe it does

@Kevin M Strong

I agree we most likely will go into a depression money will not be cheap anymore but there’s other creative financing.

@Caleb Heimsoth

That's okay I like to learn and hear honest opinions so I can grow. I agree I do need to stop buying and build cash reserves and pay HELOC down some more and have those two out state properties rented and stabilized. I tend to get obsessed when I get into something new. Being new I have to go through challenges along the way I look forward to going through them so I can pass down that knowledge to someone else

Just a year ago today i was 25,000 in consumer debt and I became disciplined in spending and budgeting and payed it down in 6 months. These past 6 months has allowed me the opportunity to invest in real estate.

@Jay Hinrichs

Okay great now I get the term thank you

@Theresa Harris

I’m collecting 800 in cash flow for the TRIPLEX spit with a partner. Renting in between a Renovation isn’t a bad idea. There not in horrible shape but to rent them they have to be desirable to the renters so they can be marketed well I don’t know if half Reno will attract the right tenants. But I’ll look into it for sure thank you I hadn’t thought of it

@Steve Vaughan

Wow you have a great rate nice !!

I currently have 6.25% thank you

@Jay Hinrichs

Can you explain ever greening for a newbie like myself? I would love to learn more thank you

@Patricia Steiner

Awesome advice thank you! I think what I missed since I'm a new investor is paying closer detail to reserves! Well that's a good sign I'll be under the radar. My partner on one of the SFH has cash to fund the entire rehab I might just privately lend more for my half until we refinance then pay him off and regain my capital. Thanks again

@Joe Villeneuve

All the units will be buy and hold rental property cash flowing assets. I am currently paying 1000-2000 every month to pay the HELOC down. The two smaller deals that SFH are BRRRR so when I refinance I'll have much more money that I can put back in my HELOC. So out of both the cash deals I have I would be regaining my capital that would go directly into my HELOC to lower the balance. Instead of 130,000 of HELOC funds that's maxed out once I regain my capital I'll be more at 70,000-80,000 that I'll owe on my HELOC.

For starters I have a HELOC through my credit union for 130,000

Bought a triplex with a partner paid my down payment of 55,000 in February 2020

Bought a Single family house in kansas cash and paid 34,000 and needs 22,000 in rehab so 66,000 total in March 2020

Bought another single family house cash through a wholesaler with a partner for 33,000 in kansas, 10,000 in rehab My total will be 21,500 with rehab cost.

Both houses will be BRRRR deals

I pretty much maxed out my HELOC

I have about 12,000 in reserves

My home I live in is worthy currently 555,000 and I owe 258,000 on it

Will the credit union call my HELOC due. Freeze it, ask to pay cash on the spot or covert it to a HEL.

I have considered is they do to refinance my current home and blend the HELOC and my current loan together to form one loan.

Also have considered borrowing private money to pay HELOC down so they don't freeze it or call it due.

Any help would Be greatly appreciated!

I know I got way over leveraged way too quickly. I am now thinking of exit strategies to secure my investments I would really like to keep all 5 units which is my plan and I know I can retain them but I want the best plan of action. Thank you guys