All Forum Posts by: Alex J.

Nice to meet you Chaunitkah!  im relatively new as well, I live in houston, but invest in los angeles where I am originally from.

Hello Ludamila

Welcome to BP

I am also new, this is my first month

I invest in LA but reside in Houston ( but born in LA !)  

lol i cant believe somebody would say "dont have kids, live on a boat" and be taken serious.

how about, make more money at a job and use your discretionary income to invest more then scale in size with the right investment decisions? that is a better game plan.

if you want to go extreme, buy a small RV and get a gym membership to shower with and park your car on the lot of your rental haha.  partially kidding.

i think the most important thing is finding good deals, the rest of the items such as landlording broker, attorney etc, those are all things to learn but the most important is find the right deals that work for you.

I don't really think id want to go the commercial loan route with a floating rate because i am of the mindset that rates are going to be higher in say 5-7 yrs from now and want to lock in cash-flowing properties for the long term.

if i were to do an LOC and say use that money for 6 months can i go back and do a refi on the duplex then to pay that debt off?

Yes the property I am wanting to refi cash out is actually a legally permitted duplex and has significantly appreciated... I have 5 loans in my name already.... two fourplex, one duplex, one sfr, and one personal sfr

Regarding the duplex im trying to refi-cashout...I don't own it free and clear theres a loan on it currently which i think is the issue im running into with a refi cash out.

I am not having a problem getting the loan i am having a problem getting a refi cash out... all the items you mentioned in terms of income credit etc is all something i qualify with and have reserves, i am just trying to do a refi cash out on my "5th" loan....maybe its not possible

Hey Everybody Hello from Houston!

This is my first question/posting, i am relatively new to BP really enjoy the info on forums and podcasts.  This site is awesome and i wish i came across it 4-5 years ago

Anyway...so FINANCING question/Help needed

I have been investing in RE since 2009 mainly in multi units in Los Angeles

Two 4plexes, 

One SFR,

One SFR that i built a 2nd unit on and I guess now is considered a duplex.

In addition to the above I own a personal residency SFR

4 investments 1 personal residency, total 5 loans.

I wanted to tap into the equity of the SFR that is now a DUPLEX yet i found out AFTER the project was completed that I cannot do a refi cash out due to the amount of loans I have, but that I can try to do a HELOC and then after 6 months if i have used the funds for investment or what not, then i could refi that into a fixed rate loan say a 30 yr or whatever.

This sounded swell... Until the bank I was going thru told me that they dont do HELOC on a duplex for a non owner occupied property.

So my questions to the forum are: 

1) What do investors do to access their equity if they have more than 4 properties on non owner stuff ASIDE from hard money lending - like a refi cash out for more than 4

2) Is there a non owner occupied HELOC that works for multi units?

Again the business im conducting is primary in Los Angeles regarding real estate so I dont know if theres state specific mandates any feedback would be a tremendous help!!!

Thanks in advance and look fwd to connecting with others and actively posting in forums with my experiences over the years.

Hi Rohit

As a relatively new investor, about 6 years now, I've only financed investment properties with 25% to 30% down so that I avoid PMI. Non owner occupied loans I think are 75% loan to value (LTV)

Maybe if your single and don't mind living with a roommate buy a place as owner occupied for 5 to 10% down then rent the other room to reduce your cost?

Good luck