All Forum Posts by: Mikael Winkler

I don't have experience in Cleveland, but from what I've heard, it's a great cashflow market, though appreciation may be a bit lacking. Comparatively, Columbus can offer both cashflow, as well as, appreciation. Especially if you're willing to pursue properties that could use work. There's plenty of opportunity in many of the neighborhoods surrounding the city core to find that, though it is certainly getting a bit tougher with competition. 

Hello @Linus Cui! Really, I think that depends on your goals. Would selling that first house, and realizing that equity, then allow you to buy more rentals or some other form of investment? If that's your goal, I'd say yeah, go ahead and sell. Yeah, you'd be taking a substantial tax hit, but would still be walking away with a solid amount. You could always also 1031 your profits into another property, to avoid that taxation.

Another option to possibly consider is a HELOC on that first property. So, you're still holding, but taking advantage of that substantial equity you have. I have a HELOC on one of my rentals through PenFed CU, and they've been great.

Sounds like you're problem is too many options! Always a good problem to have. Good luck!

Totally agree with @Robert Ellis on those areas. Seems like every other off-market, as well as, listed deal right now is 43211 or 43204 hahaha. Linden and Hilltop are finally seeing their turn, it seems.

@Rick Pozos

Ahhh, that makes much more sense to add partner to title first, then do the refinance. I appreciate the insight!

@Rick Pozos sorry, I'll clarify a bit. I would be initiating the refinance in my name. Just adding him to the to the loan and title in the process.

Definitely agree with @Steven Foster Wilson. Comboing a house hack and BRRRR, if you're willing to live in construction (it's not that bad), is an awesome strategy. You're getting both benefits of living less expensively AND being the one capturing the equity in forced appreciation.

Thank you all for the advice. He would definitely qualify for a new mortgage, so perhaps refinancing would be the way to go, as it's a new loan. Just selling to him is also an option, as well. We're just trying to work through all possibilities. Thank you all again!

Hello BP!

I have a silent partner on a property that I own solely and am simply wondering what steps are involved in getting him added to a new loan, as well as, Title in a refinance. While also removing myself from both. Essentially we would be looking to swap ownership in the property through the refinance, with me cashing out. The cash-out amount would be a separate agreement between us, aside from the refinance.

I'm really just trying to wrap my brain around the logistics of how he'd be added to both the loan and Title, while simultaneously removing myself. I'm probably overthinking a simple answer, so any insight is appreciated!

Thanks!

@Jordan Smith

Basically, the more you do with them, the better terms you get, which is how most HML operate, I imagine.

@Jordan Smith

Yep, I used LimaOne on this past one, which was my first. Lack of experience doesn’t necessarily preclude you from getting funding, you just may have to settle for higher interest terms.

So this past one, my interest rate was 10.5%, with a 3% origination fee on the loan. For my next, I’d get a 10.25% rate, with a 2.75% origination fee. I beeelieve interest can go as low as 9.5% with them and a 1% origination fee.