All Forum Posts by: Max Hutchinson

Thank you! I currently owe 115,000 and its now worth about $180,000. I would like to pull equity from the home to use as a down payment but not sure if it makes sense to refinance with a 2.9% rate.

Quote from @Kristen L Garner:

If your income will support it, I would recommend purchasing via conventional to capture the lowest rate possible. You can put down just 15% if it's a single family home. If your DTI is too high or there are qualifying issues with your income you can always purchase using a nonQM product such as DSCR. With DSCR you will qualify based on the asset rather than your finances. You do still need to have decent credit and show reserves. DSCR generally requires 20-25% down.
To determine how to utilize your equity - you could have a lender run numbers for you on both a cash out refi and a HELOC so you can weigh your options. If you provide me with the details I'd be happy to do it.

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Saint Louis, Missouri

thank you

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Saint Louis, Missouri

thank you

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Saint Louis, Missouri

Hi, I am looking for some advice on which type of loan I should get for my next rental investment. I currently only have one rental which I got using an FHA(duplex) theres some equity in it I want to tap into. I have a pretty good interest rate 2.9% which is why I dont think a cash out refinance would be good considering todays rates. And with a HELOC, the research I have done says its hard and very few lenders will do a HELOC on a investment property. Also fees seem quite high. I want to tap into this equity and fund my next rental. Just looking for some advice here, as I am only on my first rental and dont have a ton of experience with loans, etc.

Thanks,

1 Vote

Saint Louis, Missouri

Hello, new to investing here! I am currently house hacking a duplex, I’ve had a tenant of about a year in a half now. He paid two months rent in full, last month and haven’t seen him since. It’s cold where I live and we have a shared utility room. I’ve texted him reminding to have the heat turned on at least a little so the pipes don’t freeze with this coming snow storm we are getting. He insists it’s on but in the utility room the furnace is cold to the touch and I never hear it kick on. How should I approach this with him, asking while still keeping a good relationship with him, and not overstepping my boundaries. He has also said he has been put out of town but that’s all I know cause It’s not my business where he's at. Like I said im new to managing as well. Thanks!

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All Forum Posts by: Max Hutchinson

Max Hutchinson has started 2 posts and replied 5 times.

Post: Advice on what type of loan would best fit

Post: Advice on what type of loan would best fit

Post: Advice on what type of loan would best fit

Post: Advice on what type of loan would best fit

Post: Advice on tenants heating in apartment