All Forum Posts by: Rivy S.

@Lori Greene Sometimes, in the same way that a broken clock is right twice a day :)  Definitely not often enough to rely on without having other data to back it up. 

@Nathan Hall I came up with a spreadsheet for a wrap that might help.  PM me your email address and I'll send it over

I'm having a hard time finding a lender who will do a HELOC on a rental property. I know a bunch of people have recommended penfed, but they will not do it if you have more than 4 titles under your name. Has anyone with more than 4 titles gotten a HELOC on a rental? I really want to access the equity in my property but I don't want to refinance because rental rates haven't risen as quickly as property value and couldn't cover the additional debt.

@Mike D'Arrigo I know you can't disprove a general rule with anecdotal evidence, but I've got two duplexes in Indianapolis and they are performing beautifully.  One of the has also gained about 80k in value (80%) since I bought it 3 years ago. 

@James Boprie  sounds like you're very motivated, which is great.  Just keep in mind that it is not possible to do 12 BRRRs in 12 months with the same capital.  Each Refi (the third 3) usually requires a 6 month seasoning, so at *best* you can use the same capital twice a year. Also don't let your emotions overcome your judgement-- good deals are hard to find (at least where I live!) so make sure you are running your numbers carefully on each deal. 

Also: you mention raising enough money for a down payment, but then also mention the BRRR method. Usually BRRR is done on cash purchases, and often on properties that wouldn't qualify for conventional loans until after the rehab. Just some points to keep in mind!

@Matthew Murray I'm in the same boat! Some options I'm thinking about are adding additional pads, also possibly a laundry facility. 

@Account Closed my concern would be lack of alternatives for exit.  Even if you're thinking to hold for long term, if circumstances change, you want to be able to sell without taking a loss.  

@Tuvia Goldstein Best tip I've heard is to make sure you call prospect's second to last landlord.  If they are a bad tenant their current landlord will lie to get rid of them.  The second to last one has nothing to gain from lying

@NJ Ram if you want to know how he did it, read his posts.  I'm assuming that @Joe Splitrock finds it galling, as I do, that a new member of the forum shows up and dismisses the successes of a long time member, who has clearly documented his journey, just because you can't be bothered to click on his profile and want it all to be summarized for you in this thread

@Peter Grexa ,  @Jodi-Ann Bennett  and all the others who doubt his story: it would take you about 5 seconds of due dilligence to click on @David Zheng's profile, and see his posts from over the years.  He's posted for years about his journey, deals,  and the different ups and downs he was experiencing.  David, congratulations! I started around the same time as you, but am also juggling a very busy family life (child number 5 is three months old) and have made much slower progress towards my goal.  One day I hope to be able to leave my w2 as well.