All Forum Posts by: Tiffany Smith

Hi, I am looking for a Broker for Multi-Unit property in Austin. Loan amount will be 2M. If you have any referrals please let me know. Thanks.

Hi all,

I own a duplex whereby my tenants rent by room.  In the event a tenant has objections to a new tenant moving into the unit due to social distancing

I am bit confused on this rule. So, the formula states the property should bring in 1% of the sales price in rent. What I don't understand is if I am planning to BRRR and buy the property with the intention to fix it up. Should I still be using the sales price or should I be using the ARV. Therefore, the formula would be 1% of the ARV in rent. Response would be greatly appreciated.

@Alora conventional, although it also depends on the deal to be honest

@Jeb you are correct, in the process of putting a core team together

@Jason thanks so much!!!

I'm really grateful for everyone being so helpful

Hi all!

Would really appreciate any recommendations for a lender in Indianapolis. I have a recommendation for a real estate agent I've been working with if anyone needs one.

Thanks!

Thank you for your response,

When I cash out refinance the second property, the hope is that those funds will be used to purchase another investment property. What I was essentially asking is how once the home equity loan is obtained from the original property, how will the monthly payments from the home equity loan be paid?

Hi all,

I was hoping to get some insight on trying to piece together the financing logistics of my current investing strategy.

Background:  

I bought a duplex for $610,000 and have recently refinanced the property into a conventional loan. The property appraised for $920,000 and I was subsequently approved for a home equity loan of $170,000. Using the BRRR strategy I plan on utilizing the home equity loan to purchase and rehab another property with cash. If all goes well, the plan is after the rehab is complete to do a cash out refi...whereby I borrow money against the property's new after repair value to use towards purchasing the next property.

Question:

I'm trying to understand the logistics on how to pay on the 3 loans (the original mortgage on the first property; the home equity loan; and the mortgage from the new property after the cash out refinance) with only 2 incomes (revenue from the original property and the new property).  Any insight would be greatly appreciated.  

Thanks!

Hi Everyone,

I am running in to a problem with lending. I am not getting approved for a loan due to my debt to income ratio. I purchased a 2-unit last year that has appreciated tremendously.  I house hacked, as I live in one unit. I wanted to refinance and then apply for a loan to purchase a new multi-unit. Other issue is I have another property in my name fully paid for and my father pays the taxes and HOI on it. But, it is coming up as debt for me... Any suggestion on what I can do to get a loan approved?

Hi!

I am an investor from Washington, DC and looking to expand into San Antonio market.  I was looking for referrals for a real estate agent with heavy experience working with investors.  My partner who lives in Houston, and I are highly motivated to acquire 2-3 rental properties this year. Any recommendations would be highly appreciated.  Thanks!

Hi!

I purchased my first rental property for $610k (duplex) using an FHA rehab loan. I also obtained a private money loan with an 11% interest rate to fund the rehab in the amount of $65k. The income from the rental property is cash flowing to my satisfaction (~$288/door). It's been about a year since the purchase and I am now ready to invest in my second rental property using refinancing of the first property. I wanted to get thoughts/opinions on whether to pay down the private money loan with cash obtained from refinancing my first property, considering the 11% interest rate? Or just keep moving forward acquiring rental properties considering the rental income from the first property is covering mortgage and the private money loan payments and is still cash flowing.

Thanks!