All Forum Posts by: Maryanne Kichline

 Thank you so much! Very helpful!

 But aren't these typically very high interest rates and used for short terms?

There are 2 small multi-family units (tri-plexes) that I would like to purchase. At least one of them....not sure I would qualify for both. But I would prefer to be able to get a conventional mortgage on them. They will not be owner occupied - I cannot move from my current primary residence. Are there ways to take advantage of a conventional mortgage without it being owner occupied?  I also have young adult children that I would like to be able to help get into a house - wondering if there is a way to structure it so one of them is on the deed (not mortgage) so they would be occupying one of the units. Thoughts??  

@Chris Davidson thank you! 

@Kerry Baird thank you for the insight! I appreciate it. Bu going DSCR route I do a cash out refi and lose my low interest rate right? Maybe I just sell one property…. Not sure. I'm just trying to find the best next step and know

I have equity available.

@Randy Rodenhouse

It is true most of the cash flow would be gone but it would still be slightly positive I think. $100 maybe.

Is there a reason only can get a heloc on one property?

I’m trying to figure out my sell point. These homes would probably sell for $225k and we have 100k mortgages on them. They are probably at their peak. This neighbor is small town - lower middle class. One is half a twin and the other is end unit on a quad. 100 years old. Well maintained and mostly updated. But still. I’m wondering if it’s time to cash out. That’s a lot of cash to throw at something else. And if the market tanks or corrects downward I’m going to kick myself. Hard to say. They are easy good rentals! I’d hate to let them go.

@Chris Davidson thanks! I’ve heard HELOCs are hard to come by these days. Is that true? I’ve got to find some local reputable lenders.

@Carlos Ptriawan

Thank you for the thoughts. We have two homes as investment properties (SFH). We just built a new home for our primary a year ago. We aren't selling our primary. I do think they will continue to appreciate but not astronomically so. At least not in the next 5 years. They are both 100 years old too. We have maintained them well but still…. Old is old. I've considered selling but they rent so well and have been pretty hands off with great long term tenants. Tough call. I would just like to use the equity for now.

@Devin Peterson

Thank you for the feedback. How long does it take to secure a DSCR loan and what is the LTV you offer?