All Forum Posts by: Juan Ayala
Juan Ayala has started 40 posts and replied 89 times.
Post: Looking for a HELOC / 2nd mortgage on an investment property
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
Quote from @Scott Raitt:
Quote from @Yash Bhatt:
Hi,
We bought and rehabbed a home and it's been active as a short term rental for almost a year now in Sedona, AZ. We are looking to pull some cash out to recover our rehab costs and having a hard time finding a solution. We secured a 3.5% loan so we would like to avoid doing a cash out refinance. Ideally, we were looking to see if a private investor would do a 2nd position mortgage or HELOC.
loan balance is 740k
house would appraise between 1.3-1.4 million
We would like to pull out 200k
willing to discuss all creative options.
Thanks for considering!
Yash
Hello. I would love more info please.
Post: Build ADU or buy investment property?
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
Quote from @Carlos Ptriawan:
Quote from @Juan Ayala:
Quote from @Carlos Ptriawan:
just an update, I do have ADU now but I got it for free LOL lol
a ready to use container based ADU with size of 220 sqft is about 45k installed now.
What company did you use?
This one is located in San Leandro, CA. I guess they're primarily serving bay area market only as delivery fee is $7/mile and few thousand more if crane is needed.
Thank you. What is the name of the company?
Post: Build ADU or buy investment property?
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
Quote from @Carlos Ptriawan:
just an update, I do have ADU now but I got it for free LOL lol
a ready to use container based ADU with size of 220 sqft is about 45k installed now.
What company did you use?
Post: Lending Options for California ADU Build
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
Quote from @Whitney Hill:
Renofi offers an excellent fixed rate second position loan based on ARV. No refinancing of your existing loan is required and terms are up to 20 years, plus there are no "draws" like a construction loan.
Post: Lending Options for California ADU Build
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
Hi BP Fam,
I am looking for ideas on financing an accessory dwelling unit built on my primary residence. I need to borrow $110k, and the ARV $815k with a current value of $715k. The mortgage is $643k with a 2.6% interest rate with no other note on the property. Looking for a lender that would take the second position and use the ARV. It would be a bonus if they counted the $1800 projected rental income. I have an investment home where we built another ADU and just started an LLC. I was thinking maybe a business line of credit, but the LLC is only a few months old, and I've had this rental property since 2017. I also have equity on my investment property but its been difficult trying to find lenders who do seconds on an investment property. The investment home is worth $800k, and I owe $447k on it with the note at a 2.9% interest. Thanks BP fam!
Post: Raise Rent in City of Los Angeles
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
BP Fam,
Am I able to raise rent on my tenants in the city of Los Angeles? Property manager is saying no due to city moratorium.
Post: Virginia Loan Broker
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
Seeking a loan broker that can help out with a VA loan purchase for a friend in Virginia? Thank you!
Post: How to use my dad's self directed IRA to invest with me
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
Originally posted by @Dmitriy Fomichenko:
You father can set up a self directed IRA and buy real estate with it but you can't be part of it since you are considered disqualified person
What about if we form an LLC or private equity?
Post: How to use my dad's self directed IRA to invest with me
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
My dad recently approached me that he would like to take the lump sum amount for his retirement and roll it over into a self-directed IRA. I have done real estate deals before, and he wants me to hook him up with some cash flow while also investing with me. How do I structure this deal? Can I purchase under my name, or should I form an LLC and make us both members? What about taxes? What can we claim and not claim... Thank you, BP family!
Post: Lender HELOC-desktop valuation
- Rental Property Investor
- Albuquerque, NM
- Posts 92
- Votes 18
BP Fam,
Seeking a lender to help a fellow soldier buddy. He wants to cash out some of the equity in his home. But the problem is his in-laws live with him, and they have hoarded up the place pretty bad, so they dont want to have an appraiser come down but rather a drive-by or desktop valuation done.
This property is located in Louisiana and appraised last year at $155k and he owes $112k on it. He wants to take the max out that he can on it.
Any lenders out there that can help?