All Forum Posts by: Tyler Tomas

@Nathan Gesner that is a great breakdown. I appreciate that! I think for now, I’ll just float the rehab with my capital and get a tenant in there. Then just get a new mortgage on another property and rehab it and refinance to pull out capital to put on another. I hate to borrow money on this house I just paid off so I’m going to try to avoid that. Is this what you would do? 

Thanks for your reply @Mark Munson! That’s good info! 

I appreciate that advice. I will go that route. And I’ll check out your podcast too! Thanks again man

Thanks for the reply! @Jonathan Greene, I really don’t know what I’m doing! I want to use this property to start buying more properties. I know i can rent it out for $1500/mnth after the rehab. How do I leverage this equity that I’ve built ($150K) and use it to buy another deal? 

Hi, I have a situation that I haven’t been able to find on previous forums. I own a rental property free and clear. The tenant has caused damage and broken the lease so she is going to vacate in December. My question is this: I need money for a rehab so I can get a high appraisal and purchase a new home. Would it be beneficial to have a pre rehab appraisal to borrow the money for the rehab and then a post rehab appraisal to get the maximum amount of capital for the next property? Or is there a better way to do this?

It's a month to month at this point. Thanks for the reply and the advice! I will go forward in asking them to vacate and comeback to this thread after that process is complete. I am thinking HELOC for the rehab money?

Hey Caleb, I took out a $40K loan from my 401k and will pay it back to myself with a 9% interest. That interest pays to me so I don't have to give up extra interest money to the mortgage company and my 401k is pretty solid for my age. I am moving the property into an LLC because that's the only way my wife would let me take this risk. My payments back are $360 biweekly. I believe after rehab I can bring in $1300-$1400/monthly. I am also trying to figure out how to vacate the renters. I took a lot of photos with damage on my walkthrough. They are currently out of a lease as it expired.

Hi! I’m sure this is an easy one but I am new to this strategy. I currently have a rental with a tenant. I started leasing to her about 9 years ago and the rent rate is way underpriced based on the market. I did a walk through this weekend and the house is in bad shape. I want the tenants out so I can rehab and take out a heloc to buy another. Any advice on what I should do next? I can provide more details if needed. Thanks so much, very excited about this strategy!