All Forum Posts by: Johanna R.

@Shawn Holsapple Thanks for that info! Are there specific nabes that were constructed post 1950's that you you could suggest and could you mention," the companies that specialize in the older home market and are successful with it.. while pulling in $800-up rents." A friend and I will be heading over to Hoosier land in 2 weeks - very excited!

@Shawn Holsapple Hey Shawn, thanks for that info. I'm dipping my toe into the Indy market and was wondering when you say that it should be post war [1950 -up] does still this hold true if its pre 1950 but has been been gut renovated?

2- The nabes in this range - could you generalize and classify as blue collar nabes, that would attract stable blue collar families and college kids?

Thanks!

@Eric Fernwood Eric thanks! Thats was really helpful and the sources you listed are invaluable.

Thanks for the clarifying - that helps!

Have a gr8 day.

johanna

@Steve Wilcox I love that and I can do a mean presentation! Thanks a lot!

@Mike Sattem Thanks, for clarity you're saying that I can approach a bank like US Bank to get a line of credit using my 5 free and clear 60k homes with out having any other income to buy my next property with?

@Steve Wilcox  Steve, Thanks. Im all good in regards to your checklist but I think w/o an income source outside of these properties Im not eligible for a mortgage, correct? Im hoping Ill be able to do what Mike suggests, would you have any other suggestions on how I can leverage my properties to finance my next deal?

1. Your Personal Credit Score? (needs to be above 720)

YES

2. How many years have you owned these properties? (Its very hard to refinance without owning for at least 1 year)

Just over 3 years

3. Do you show the income from the properties on your last 3 years tax returns? (this is how you will prove that you actually make money from the properties)

Yes

4. How much in liquid capital reserves do you have (most banks will want to see around 6 months of PITI payments sitting in the bank)

Yes

@Account Closed Sorry I not being clear here. The kind of property Im looking to invest in right now would be no more than 60k.  So I can raise about 20k for a down payment  and if I have  five homes @ 60k each with a 100% equity (which cash-flow conservatively @ $200/ month each) but I have no income other than this - can I leverage these homes and get the line of credit you talked about?

@Mike Sattem Can I ask who your lender is?

@Account Closed Hopefully I can get the line of credit Mike is talking about would you know of any other ways to leverage these homes ( They're five 60k homes  w/ $200.00 monthly cash flow)

@Account Closed Thanks Mike. Would I be able to do this even though its not my primary residence?

Can you refinance a home when you have a 100% equity but the owner’s only source of income is the rent?

And if I cant refinance this way, are there any other ways to leverage this 100% equity? 

Thanks!