All Forum Posts by: Jonathan Styer

You know your tenants better than anyone on BP. If you're worried about it just drive the minivan when you go around like your friend said. As you grow, you're not going to really be able to worry about what the tenants think of you, this is a business. Treat them fairly and expect the same and anything outside of that is just noise. 

Your best bet would most likely to do a cash out refinance. This is very common right now and it basically is a new loan on the property, you will have less equity in the property but you will have cash. You will want to speak with a lender you like and they will be able to help you. At the end you'll get a check for $XXX and you can use that money for a down payment on a new property. 

Have you spoken with a lender and if so do they know you are using your HELOC for a down payment? Generally lenders do not allow that. You could have the money just sitting in an account for a few months but that is going to affect your credit and your ability to take out a loan.

Lenders do not want you to use a loan to get a loan. They want you to have some actual skin in the game. I would work on figuring this out first before you start looking at deals. 

I would buy 2-3 single family homes in Columbus Ohio and get a great mix of appreciation and cashflow, you can beat the 1% rule here still and we are seeing 10% year over year appreciation here, better in some areas. 

You do not need to refinance, you don't need to do anything except change your address where you receive mail with your lender and update your insurance company. Don't mess with an LLC, just get a good umbrella policy and you'll be fine.

Based on what you've described I don't see enough meat on the bones at a $240k price point even with you doing the work yourself. Your time has value as well. If you were talking $200k then it sounds like a go, as a rental. This is not any where near a flip at this price. 

For me it would depend on how old the furnace is. If you've still got a lot of life in it then I would go for the less expensive option. If it's at the end of its lifespan then I would do the big job. 

I wouldn't say it's impossible but you are going to have a very difficult time finding a lender to take a 2nd mortgage on a multifamily investment property. I would maybe look into hard money or private money for the buy side and then refinance if you're looking at any value add properties. 

If you've sealed up any mouse hole entrances with steel wool and spray foam, laid down traps then its time to tell the tenant in writing that if they don't stop leaving out snacks for the mice they'll be asked to leave. 4 grand is crazy, you're problem is the tenant. 

What is an accredited investor? You shouldn't need any accreditation to invest?