All Forum Posts by: Devin Peterson

I am looking to buy my first investment property, and my goal is to continue building this portfolio every year until I can live off my rental income entirely. I have about $400K to deploy, but would prefer to buy several duplexes rather than 1 more expensive building. I live in CA but am open to investing anywhere that makes financial sense. Cash flow is important of course, but so is appreciation, so I want to ensure I have a balance of both. Is it wise to buy some units with high cash flow and low appreciation, and others with lower cash flow but high appreciation to diversify my portfolio?  

I was looking in Columbus OH but the market is so saturated and it's been difficult for me to find cash-flowing deals there. Any deal that I've found seems to have sold within the last 2 years, and its alarming as to why it's back on market again unless they have problems with the building and/or tenants. I'm open to all suggestions regarding different cities that meet my requirements and would love to chat with some realtors who have local experience working with investors. 

Hi there,

I currently own 2 investment properties.  I am currently investigating taking a cash out refinance on one to fund my next purchase.  What kind of calculations should I use to determine whether or not this is a good idea?  

I'm trying to get a heloc or cash out refi on a primary residence duplex.l under FHA.

I have great credit but modest income

Wife has bad credit with better income therefore I don’t believe we will qualify for heloc.

Our plan was to get heloc to use as a down payment on another house hack or general investment property.

So far our mortgage company said they could do the cash out refi which would raise our mortgage from $800 to $1200 (current rate is 3.62) and the rate would go to 6.6

To pull out hopefully 30-35k max

My concern is if I do the cash out. We won’t qualify to get another mortgage anyway due to either dti or income.

From your investor expertise, what would you do in this situation? Really looking to get some more properties asap.

Hi everyone!

I have a quick question and would love to hear your thoughts. If you have a couple of rental properties with some equity, and you're looking to tap into that equity to fund more investments, what would you do? The current loans on the properties are with a bank that offers a flexible rate, which has recently increased. Would you consider doing a cash-out refinance into a 30-year DSCR loan, or would you opt for a line of credit instead?

I have about 950k in properties. I have about 550k in equity, one property is completely paid off. Recently after some medical issues(I’m all good now) I’ve exhausted all my reserve funds and have 50k in high interest debt. I am thinking to refinance my paid off property. Just not sure if I should just get the 50k to pay off my loans or get more cash out of the property for reserve funds

I am interested in using a hard money lender to buy a property to flip. What are some questions you would ask a lender to vet hard money lenders? Also what are some things you look for in a lender? Do you recommend a local one or does it not really matter? Thank you! 

Hello all!

I'm an experienced investor that's emerging from a difficult period. Need input / ideas / comments on following pls.

I have 2 SF rentals that I'm facing foreclosure on as I fell behind w/ the mortgage payments on (due to unrelated problems). Those other probs have now gone away plus I'm making a lot more dough from my regular work/day job these days. My credit is poor right now but can easily be improved as my income is much better lately. 

I owe approx. $40k in arrears on each. Seeking either lien in amount of arrears, or refi of each if poss.

Approx. #s: value: $440k each, total debt: $310k each (incl. arrears), prop taxes/mo: $500, insurance/mo: $25, common charges/mo: $380, rents/mo: $2700 & $2250

Pls feel free w/ any solutions / input / ideas.

Tx

Dave