All Forum Posts by: Ernesto Hernandez

Read The Millionaire Next Door. It'll cement with data what everyone is advising you. 

The biggest thing people need to understand about Roofstock is that they are simply a marketplace, an eBay, for Turnkey properties. 

High probability none of their own employees ever step foot on many of their properties. 

You're overthinking it.

Priorities. You haven't decided what your goals are. Once you do, you'll realize you already have the answer. 

Personal finance is just that ... personal. 

You'll ultimately get a lot of subjective opinions that'll just push you towards the decision you already made. 

Listen to yourself. 

Great tip, 

Thanks Chris.

Per the sticky post ... would love to reach out to as many lenders as possible so I'll be as specific as I can about my scenario. 

Your goals and story: Looking for the best solution to Cash Out Refi 3 units in Indianapolis on 30 year fixed mortgages, I live in California. 

Type of property: 3 SFH.

#1 is about 1150 sq ft, 3/1.5 acquired it already tenanted. Need a few more cosmetic updates which should be completed in the next 30 days. Purchased early June of this year all cash. Purchased at $35K, about $12K in updates including all new electrical. Should appraise at about $60K.  

#2 is also about 1150 sq ft 3/1.5 new tenant placed last month on an 18 month leases. Completely rehabbed. Purchased for 37.5 and rehabbed about $16k worth, should appraise at about 70-75k. Purchased in July, everything cash. 

#3 is being rehabbed now. About 1300 sq feet, 3/1 and 2 car garage. Purchased for $22K, rehab is about $26K, should appraise at about 65-70k. Actively looking for tenant. Purchased in July, everything cash. 

Location of property: 

#1 is in Indianapolis, 46218

#2 also Indianapolis, 46218

#3 also Indianapolis, 46208

Purpose of financing: Cash out refinance.

Type of financing sought: Fannie/Freddie, blanket loan.

Current or prior ownership of real estate: Currently own a primary residence in Seaside, Ca

Occupancy: See above. 

Value of property at present and/or your offer price: See above. 

After repair value: See above. 

Anticipated or actual appraisal issues: ?

Current rents per month: $625, $875, $Pending

Fair market rents per month: $777 for address 1, $800 for address 2, $800 for address 3.  

Down payment or equity: 

Source of down payment funds, if applicable: Own Funds

Income Source: Salaried/hourly W2,

Gross monthly income: $Rather not disclose here. Strong. Low DTI.

Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: See previous response. Low DTI.

FICO: Excellent.

Credit issues: None at the moment. Sub 5% utilization. 

Please PM me. Hopefully we can work something out!

Lend your money. Beat the stock market with little to no risk. 

This post is fantastic.

I should be a lesson to make it for at least an hour. 

I'm pretty active in Indy and would love to add value wherever possible while learning about as many of you as I can. 

Hey Jennifer, would love to pick your brain about your AirBnb strategy. Also, I should be able track down a HM and Cleaner for you. Shoot me a PM and let's connect!

On a side note, we have a great Facebook Group I think you'd get a lot of value from and maybe even chime in with your experience. 

Search for, "Indianapolis Out of State Investors". No deal pitching, just question asking and answering and some solid networking.

LOVE. THIS. 

I'd love to see a typed out example of what one rental does to your tax bill. 

W2 staying stagnant, factor in maybe a couple of trips to a market, a home office deduction, how does 2018 with a retnal compare to 2017 with no rental?

Please tag me if/when you follow up.