All Forum Posts by: TJ Dowhan

Just sent over a contact message @Michael Magno

Would like to cash out but I don't think that is realistic at this point @EliseMarquette

Currently seeking lenders in the Cleveland, Ohio area or anyone who is knowledgeable in this area. I am trying to get clear on if I am able to refinance out of an FHA loan (have occupied over a year) but I am most likely not near an 80% LTV. Are there lenders/banks that will REFI out of FHA into conventional with a higher LTV? The goal is to REFI out of the FHA and then utilize a new FHA on the next opportunity. I have found conflicting info up to this point. Would appreciate any insight. Thank you!

Hi, I would appreciate anyones insight or thoughts on my current situation. I Purchased a duplex over a year ago and have been house hacking since the purchase. Over this time, the area has appreciated dramatically but I have not added a ton of value to the property other than replacing the roof. I would like to capitalize on the high appreciation and possibly move it into more real estate or other investment options but i don't want to shoot my foot. 

My main concern at the moment is taking on too much debt and/or negative records on credit report as I will most likely be applying for an SBA loan to purchase a business before the end of 2021 (i work inside the business currently) and this could be a $500,000+ debt burden. So I would like to not over leverage in the mean time. I am early in the process but figured it would be worth getting some opinions.

Also, home is currently financed with a FHA Loan @ 3.5%

Would it be wise to engage banks on a cash out refinance?

or

Try to pull a HELOC on the property?

or 

Add more upgrades to further increase value?

or 

Just wait it out?

cleveland ohio

Hey Andrew, I apologize I never saw your post but that is also great insight. I think the next step is to get in touch with a few lenders and find out some guidelines that i need to fall into or shoot for. Thanks for the help!

@Andrew Weiner

Wow, thank you Brittany. That helps give me much more insight. I will be begin this process more seriously over the coming weeks. I plan on getting with a lender here soon to get into specifics. I may reach out again once I begin the process if you don't mind. Also, would you mind me asking what area of Cleveland you did the FHA refinance in?

@Brittany Woosley

Hey Chip, in theory I would like to refinance out of the FHA to obtain a new FHA loan on the second property but that is which I am unclear on as well as the nuances insofar as changing over current property from owner/occupy to straight rental or which options are available in this realm.

Would appreciate any insight from people who understand or have been in similar situations. I purchased a duplex in the Cleveland, Ohio area almost 1 year ago through an FHA Loan and have been house hacking since. After I come to one full year in this home, I would like to refinance, move out, rent out the space I am currently in, then purchase another duplex and continue the same process.

Am I correct in assuming, I need to wait one year to refinance out of the FHA Loan?

Will I be able to count income from my current property after refinancing and finding another renter to occupy my space?

The area I am in right now has appreciated relatively significantly just over the past year. I would like to stay in the same area that I am currently in because I enjoy living here.

Any hidden fees or pitfalls that I should be aware of as I go through this process?

Appreciate any insight on this topic. Thank you!

Hi Nathaniel, I would be interested in joining a small group for this area. I am currently in Cleveland and mostly focused in Cleveland but would like to gain more knowledge of the Toledo market and begin exploring more in depth. Let me know if you want me to shoot you a pm. Thanks! 

Which "Your Money or Your Life" book did you read? There are multiple books with the same title but different authors. Appreciate any help!