All Forum Posts by: William D.

Looking to buy and hold condo in Bluffton. Not looking for cashflow. Any suggestions?

1 bedroom only. less than $200K

I know there are companies that give HELOCs based off the future appraised value of the home. Does anyone know the names of these companies? Besides Renofi.

Thanks

Lenders don't do HELOCS on investment properties? 

At 75% LTV?

I hear ya, but when all is said and done will I be able to take a heloc out on the property considering I will own at least 25%??

Currently in contract. I'm putting 25% down on an $850K multi family. When all is said and done will I be able to take a heloc out on the property? Considering I will own at least 25% of the property. I want to make sure I'm not missing anything.

25% of $850K is $212K

75 % LTV of $212K is $159K

BP!

How do I open an LLC with the intent on syndicating?

Who should be on the LLC?

Do all partners need to be on the LLC?

When we purchase the property how does it get reported to the credit bureaus? 

I cant grasp the refinance and cash out portion of this strategy. I need someone I can call, I cant comprehend it any other way.

Home under contract to purchase for $110,000

Put down 20% ($22,000)

Get a loan for $88,000 to cover the full purchase price.

Then put in another $15,000 of improvements to get it “rent ready”.

• Sales Price: $110,000
• Down Payment: $22,000
• Loan Amount: $88,000
• Closing Costs: $3,000
• Carrying Costs: $1,300
• Rehab Cost: $15,000
• Potential After Repair Value (ARV): $150,000

Property appraises at $150k now what?

Do 20% Down Payments on Rental Properties Still Exist?

I'm being told by multiple brokers/agents that "they" raised the min down payment on MFR to 25%.

True or False

@Eric James

Awesome! Thanks Eric