All Forum Posts by: Patsy Waldron

Welcome, @Michelle Fox! There is a great group of Cleveland investors on BP and several make it to monthly meet-ups. Hope to see you there soon!

@Juan Barrachina

Columbus is a great market to invest in (and much more affordable than NoVa, for sure!). @Tristam Griffith may be able to help you with the info you need.

@Daryl Anderson

Can you please PM me the name and contact info of your plumber too? I will need one very soon. Thanks in advance!!

@Tristam Griffith is my realtor in Columbus too, and I couldn't agree more with everything you have said!!! She is the best. I, too, love how responsive, efficient and blunt she is. Makes doing business easy and pleasant!!!  And she goes above and beyond in helping with other stuff too! Every realtor should learn a thing or two from her.

And I can tell you that you have picked an excellent market to invest in- Columbus is awesome and going nowhere but UP!

Try BridgeWell Capital, very quick and lend everywhere. Not cheap, though.

@Brent Myotte

Thank you for clarifying. This sort of info is exactly what I need! 65% of my current rental is 35% of the purchase price of the other property, which is more than enough. Would a hard money lender accept the collateral as the only down payment, or would they also require some cash?

Also- the second property is another investment property, no plans at all for anyone in the family to live there.

Thanks, @Nathan Reed! The property I want to use is not my home, but another rental. Even though they only use part of the value of the property, it would help. I do plan to meet with my loan officer next week to see what she says. But knowledge is power, so I want to see what other people's experiences have been with this technique so I am armed with the different possibilities when I go to the meeting. :) And you are absolutely right that banks need us and that should give us more confidence in negotiating with them

Thanks for sharing your insight!

Check whether you are allowed to rent out the rooms if you buy the building using SBA financing. I am not sure SBA allows recipients to use its funds for real estate investments (which it would arguably be, even though you say you will use part of the building for your own office). 

I agree that quadplexes if you want small multifamily. One mortgage, one insurance bill, one maintenance bill, etc. And 2x the cash flow for the same amount of work! Best of luck with your modified plan! 

**Cross-posting in hopes of getting more responses**

Hello lenders and experienced BP investors out there....

How realistic is it to ask a conventional lender or private lender to use one property (a SFH owned free and clear), worth $75K, as collateral instead of a down payment (or maybe have a small down payment, but nothing close to 25%) for another property worth $130,000? Would lenders accept this arrangement? The second property has tenants in and rents would more than cover mortgage payments, and this collateral represents >50% of property value. Any thoughts, suggestions of where to look or other ways of going about this are very much appreciated!!!