All Forum Posts by: Joseph Dean

HI Chris,

What I meant was a HELOC approved like a DSCR loan. Based on the property and less on the person.

My private mortgage provider allows me to get a heloc. 

I am not a professional, just curiously opinionated. 

That being said the options you listed seem pretty bad. Have you considered cutting losses? Losses short term you listed as not viable, but are you considering how holding onto losses affects other projects/opportunities? 

The market is settling in many areas. Have you consulted with a realtor in the area? Maybe cut costs, do the 3/2 or even a 3/1 option and cut the losses?

Cut back on the project, short term rental until it's sold?

If his quality is not good, maybe another contractor? Sometimes being onsite helps too. 

Has anyone here done a HELOC , DSCR style on a long term rental property. I saw a company that does them in another state and would like to find someone who does them in the Carolinas.

I have a triplex, private mortgage with $63k left @5% so i am not looking forward to ending that for double the rate. A HELOC would fit my needs. The property is estimated to be around $300k in it's last evaluation. Estimated market $400k+ (county taxes are based on $380k). I want to update and bring the units up to market rents which is $1200-1300each. Currently one is at $800 and the other $1200 (hers has already been renovated). 3rd unit 90% complete.

Looking for $40-50k for rehab and a little extra to purchase my 3rd rental before it hits the market. Maybe $150k? 

DSCR loan i looked at is 200k for $1500/month. Like I said, it's hard to give up that 5%