All Forum Posts by: Elwin Green

Danke! I have zero connections in NC, but if by chance something emerges, I'll let you know!

Hi, all...

Half a lifetime ago, in the late 80s and early 90s, I took a run at real estate investing. I made enough mistakes to cause enough pain so that I crawled into a corner and curled up in the fetal position for 30 years. Now I'm re-entering the game, with the basic goal of assembling a $3 million portfolio of rental properties, with a focus on midterm rentals. I am also exploring the possibility of developing vacant land. 

I look forward to learning a lot here, and to establishing mutually beneficial relationships with fellow members!

I own a property free and clear, that I want to rent out. First, it needs work. Since there's no income yet, I assume that DSCR financing is out of the question.

It needs about $70k of work to bring it to an ARV of $150k. Is there an equity-based product that I could use to pay for that rehab, with the intent of doing a DSCR once it is rehabbed and rented?

Thanks!

Hi Carlos - is a cash out refi doable with a property that is not yet producing income?

Thanks for all of those responses. Perhaps I should have provided more info. I bought the house in June (titled it to my corp), and am preparing it for Section 8 occupancy as of October 1. So there is no current income for calculating a DSCR; that's why my mind went to HELOCs. Also, while the work to be done on the house is not major, I was hoping to have the house pay for it.

If a lender will do a DSCR based on a Section 8 proforma, that would be great. So far, I have one lender with whom the HELOC convo was actually going well until the matter of the house being owned by a business came up; then she redirected me a commercial loan (which may be what happens).

Happy Friday! Looking for a recommendation.

I have a property that my company owns free and clear. According to Realtor.com, it's worth $120k.

I'd like to tap into that equity with a HELOC.

Has anyone here gotten a HELOC on an investment property? If so, who was the lender, and how was your experience?

TIA!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $33,000
Cash invested: $6,000

3/2 on a quarter-acre lot in a rural setting.

How did you find this deal and how did you negotiate it?

The seller responded my Craigslist ad. They offered a discounted price and seller financing right off the bat.

How did you add value to the deal?

I'm preparing to repair/replace HVAC and plumbing.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I did not use an agent. For financing, I hope to use a private lender I know through my local real estate investment club.