All Forum Posts by: Wyatt Wolff

You'd probably be talking about a portfolio loan. Plenty of lenders do them, no problem. What dollar amount are you looking at? 10*40k properties @400k total is a lot different than 10*400k @4MM value 

I think it would depend on the person, skillset, and resources. If you had an abundance of cash, just buy cashflow like George Gammon did. If you had to be creative, I think the one I hear most from people who were operating then were foreclosure auctions and BRRRR.

Now, same thing. The most common two that I see though are construction (mobile homes especially), and assumptions 

Welcome! I would say thats a hell of a jump in!

 Its just going to depend on your situation man, there is no one answer. Feel free to hit my PM's and we can jump on a call, I am still unsure on some of your details 

If that is the case, go for it. The HELOC is going to be used to finance the down payment on the new property yes? You stated that you are a contractor and are going to be significantly increasing your income... is that going to be used to rapidly pay back the HELOC?

So it sounds like your biggest priority is buying a primary in 4-6 months and house-hacking. If that is the case, I would do nothing, and here's why:

Are you factoring in closing costs, etc on the refi? On top of that, are you prepared to pay that AND the prepayment penalty? That is money that could go into your downpayment. The ROI you will get on a house hack is WAYY greater than you will get from the refi.

Next, what is the most you can feasibly get for rent? Could you take that money (prepayment, CC) and put it back into the property, and charge more for rent? What is your current occupancy? "Refinancing it will allow me to keep it at this amount or possibly even lower it to be more competitive." This seems like a race to the bottom. ASSUMING the area will sustain it, I would upgrade the house and try to get more money to get that cashflow, not refi. 

Some easy(ish) levers that I pulled to get more in rent:

-new, better and nicer garage door

-new flooring 

-Fence 

I know that is a lot, but I hope it helps. I think there may be a better way forward for you! Best of luck! 

Scroll back up... what those guys said. 

But seriously, they are a great investor tool. They provide the ability to leverage assets in a way not tied to personal income, which is what keeps most small investors, small. 

That said, they are a good way to screw yourself into oblivion if you are not careful, hence the high Down payments and required experience. 

I think the best I have seen is 85% LTV, and enhanced pricing if the ratio is good (>1.25)

Hey Steward, 

Welcome to BP. Seems like you have a wealth of knowledge, I can t wait to check out your post! 

Welcome Emily! 

Coastal markets are hard, but I think the best way for you to get started would be a househack. If you are going to primary residence it, then make sure your personal financial picture is squared away. Credit, debt, etc. For roommates, Charleston has some bigger colleges yes? Thats where I would look first. I had a few friends go to school there, and they paid a healthy amount in rent even a few years ago ('19-'21)

Tagging my property managing badass @Lorien Rollins