All Forum Posts by: Kaylyn T.

Hey Kyle I'm just now seeing this, but I'm interested to learn more. I'll email you but please hit me up. Thanks, Kaylyn

Yeah thanks @Sanjay Agnihotri and @David Dye I think I'm just going to do the appraisal without showing them the original Broker's op because I do think it will be much higher. I'm doing a commercial loan at 4.75% for 10 years (and try to pay off fast maybe) - because of my personal business which is in TV, banks usually don't understand how to figure out my finances because I am self employed but often work W2. So I take the banks a stack of 1099s and w2s it's crazy. So usually the commercial side they are like, hey we see you make aprox this much every year and the house cash flows, etc. and looking more at the appraised value, etc, so they are simply less of a headache to deal with than a conventional where they look at every little detail of my finances and then sit back and scratch their heads for 2 months.

But once I get my cash out I'll be looking to reinvest. They like that too.

So thanks you guys super helpful!

Hey creative forum! I hope you can help me out.

I purchased a duplex for 125k cash and now I want to refinance and get my cash out. At the time a bank I have previously used told me to get a Brokers opinion of value for the current price of 125k, so when the house reappraised it would have equity based on market growth and improvements.

The property originally listed for 151k.

At the time I purchased, rents were 700 and 0, one side was vacant. Now both are rented at 900/850. 

Comps in the area are between 156 - 230k for sale. The solds are slightly lower averaging about 145k.

The new bank is asking if I got a BOP at the time of purchase. I did. Should I use it? Or should I allow them to just go ahead and do an appraisal without it. They will loan up to 20% of appraised value.

Thanks for any responses.

Hey @Account ClosedI'm in mid-coast, looking Thomaston - Belfast. Are you in the area? If so, message me lets connect.

Awesome story!

Hey Michael, I live in LA and currently am buying in Maine. I think the key is that you need a team in whichever market you're in. It's not crazy to do it at a distance but you need to have the keys in place. Start with a realtor you can trust. That will be the point guard to your team-at least has been for me- to finding most properties, management, contractors, etc. it did help that I had somewhat of a foundation already. I own a vacation property and lived there - but I lived there nearly 15 years ago. Regardless, you'd be surprised how knowing just a couple of people in the commentary will help you find others. Secondly, run the numbers everywhere you look. If the numbers work on a property then it should tell you that people are at least interested in living in the area. Don't get sold on that but it's a good indication. There could be crazy things happening in the area that would make it turn bad, you'll never know unless you get out there and look HOWEVER a good trustworthy realtor will already know these things and they won't steal you into a place that has bad upside potential especially if they think you're going to be a loyal investor. For me, I am looking in my original home state of Texas now, but I know what the coast of maine has done for my current properties and so although the properties are older they are built like brick ----houses. Some people would be scared of that but I know the market and the structures of the houses and I can see how they withstand. Bottom line, do some research on the two of property you're interested to invest and look at that market. See how things have weathered the ups and downs of the economy. If you have a friend somewhere you've always been curious about, might be time to make a visit. Good luck! Kaylyn (sent from my phone so sorry for any typos)

Thanks for the comment @Jerry Padilla! Very much appreciate it! Kaylyn

BP Community! 

What would you do with 100k Heloc? 

Would you buy a couple of properties with a lender using the money as a down payment, or use all cash to purchase one property, then refi and get your cash back out?

I have 100k in a Heloc and I am about to purchase a duplex for all cash that cash flows after all expenses 300/month. It's a great deal. I got the seller down 26k for the all cash purchase price (125k total cash). After 6 months, I was going to refinance and get all my cash out, and repeat this process on a similar property. Using all cash I avoid a lot of closing costs and then absorb the refinance cost into the loan. So less money out of my pocket.

But maybe a better route would be to buy a few properties - 3 possibly - and instead of all cash, get mortgages for them. Only thing is this way I would have to buy through a lender, then refinance to get my money out thereby paying closing costs up front and to refinance. Usually 3k at closing and another 3k to refi. 

So, what would you do?

Thanks Kaylyn!

Welcome! I'm also a Maine investor. This is a great place to learn and grow quickly! Kaylyn

welcome! I'm also a maine investor and would love to connect. Where areas you currently looking? Kaylyn