All Forum Posts by: Douglas Hogue

I have 4 properties in the Syracuse NY area. I'm looking for private lenders that will give HELOC. I have no idea where to look and how the process works or if it's even possible to get done.

The scenario is the portfolio is worst about 620k and mortgage for it is at about 260k Blanket loan. 
Properties Values 

#1-158k

#2-156k

#3-149k

#4-151k

I am at 100% occupancy with cash flow. 

Hopefully this post I can have someone point me in the right direction to get this done. 

Thanks for reaching out. The property Values on the single family homes are 85k and the multi Families are 120k. All are rented out except one single family which we are doing a rehab on now. I am also looking for funds to finish this job also. This property already has a tenant at above market value. I owe 113k with the existing owner finance deal. Gross rents are at $7,099. Thinking to finish up this last project will be about 20k.

I have a portfolio I purchased in 8/20. I’m looking to Cash out Refinance..... The portfolio consists of 2 multi Family and 3 Single Family homes. Out of the 5 properties only 1 of the Single family homes is currently being renovated and is currently rented.

I don’t have good credit but I do have partners who do ranging from 700-800. We are looking to get 300k to keep building our portfolio. We have been having issues finding a lender that can support what we need. We are looking to refinance the portfolio and obtain a commercial Loan.

How would I use the BRRR strategy here?

Remone I appreciate you getting to me.Yea the House hit my credit score pretty good. I got my house about 5 months now. We spoke and my partner only wants to do the 60/40 for a year then move it to 50/50. I thought was fair. 

I have a portfolio of 5 properties valued at 400k. I cant access it because my credit is shot. A little back ground the deals was 185k 2 multi families and 3 sfh. 60k down payment with owner carry at 6% for 5 years. This was a amazing deal. I am looking to cash out the previous owners and use the rest of the cash to build. My credit is not great right now I just purchased my first home. I have a friend that has great credit and looking to get started in his real estate career. We started talks about how we would split profits from next deal and he wants 60% and I take 40%. I thought 50/50 would be ideal. I have the properties I have about 2 years experience with contacts and connections. looking to get some feed back on some options on handling this partnership.

Yea I got this deal done!

@Chris Mason appreciate you getting back to me.... I spoke to a loan officer and they say the same thing and something about the owner finance can work against me. 

All Deals are 5 Year terms at 6%

Deal #1 - 1 property -4 unit

$47,500 Purchase Price --15K Down Payment-- owner financed $32,500-- taxes $3,398 per year total rent $2,125 after all expenses take home is 910.71 per month

Deal #2- 5 properties 7 unit

$ 185,000 Purchase Price-- 60K Down Payment-- Owner financed $125,000-- Taxes $13,232-- Total Rent $5,525 after Expenses take home is $1,287.77 per month ( This deal is not complete in the final stages with the lawyers)

How can I use this to help me get a first time home buyer Mortgage? I also work and will be using my wife income, when going for a FHA or conventional loan will the debt to income be a issue even though it is owner Financed? Should I not do the second deal. I feel as if these are good investments.

I appreciate you posting John! First one been kinda Nervous. I felt like it was great just needed to hear it from some of my peers and make sure the numbers make sense. 

Hey Farrukh I appreciate u posting. This deal amortized at 6% for 5 years! The  Insurance total is $1,778