All Forum Posts by: Neil Smith

Hi Alex. This sounds like what I'm looking for. Please add me. 

-Neil

@Joshua Janus if your guy for the Cleveland  market. 

@Bryan Ester, I've been in touch with a realtor in the Columbus / Cleveland area. @Joshua Janus would be a great resource, if you're willing to look at properties in Ohio. 

I'm looking at a property for STR and am wondering how you experienced investors might approach a creative financing situation:

I believe that it has strong LTR and STR potential. Ideally will use it as an STR and enjoy it from time to time with my family.

The property is listed for ~$500k and the owner will carry $300k. Do you know of banks who are willing to loan on the $200K difference and if so, what sort of product would be available? Are there other ways to approach this? 

Thanks in advance,

Neil

Thanks for the reply, David. To clarify, I'm not looking to get 100% of the equity out. The credit union that we used for the mortgage only offers 70% LTV HELOCs on rental properties. Also, the property has appreciated in value, but until the mortgage has seasoned for 12 months, they'll only offer the HELOC on the purchase price, not the appraised value. So, I'm just wondering if there are other ways to access a portion of that equity in the interim between now and when the mortgage is 12 months old.

 What are the options for pulling out equity from a rental property owned for <12months?  We put 20% down and want to put that money to work without selling or refinancing the property, at least at this point.  

Getting started - Bought the first home last October with 20% down and just applied for a HELOC on that property that we'll use for the down payment on the next one(s). Would like to find duplexes where I can rent one side and STR the other. Researching the right market and deciding whether to buy now or wait to see if the rising interest rates soften up the market more before buying.

@Chris Grenfell, which area of TN? I went to grad school in Nashville ~ 20 y/a and real estate prices there have exploded recently. Which other areas of TN do you recommend taking a look at?

@Scott Mac, it's the mountains and skiing and fly fishing and hiking and...plus the weather is nicer that most areas of TX. 

Thanks, @Nathan Gesner