All Forum Posts by: Ben Kniesly

@Charles Carillo. Ooo yes. I thought I made that clear in the initial post, but just to reiterate, I’ve had over a dozen conversations with local folks and others. Again it’s shocking. This seems to be so exotic

The most common responses to restructure the dead…… this is not in my best interest does not constitute a win-win 

I own a small portfolio of 9 single-family homes and one condo in S Tampa fl. I bought them low and held for 15+ years. Some homes have loans and some don’t. The portfolio has 3M+ in equity.

I’m shocked I cannot find a lender to give me a line against the portfolio. The terms are simple, a line of credit. I’m not interested in refinancing, I’m not interested in restructuring the debt and I’m not interested in receiving a lump sum of money.

I would like an equity line to pull from to move on my next deal, simple as that.

Full disclosure, I have called a dozen plus folks that claim they can provide this product. After spending 15+ minutes on the phone all leads to the same concept of restructuring the debt or taking cash out (lump sum). That’s not the goal. The goal is an equity line.

Any assistance would be appreciated, and I apologize reiterating the terms just slightly frustrated this seems to be an exotic request. Thx. Ben 

@Jonathon White. I am doing it now. Hope it goes well

@Nghi Le great feedback thanks!

At this point I just don’t feel like there are any deals that cash flow , thats the essence of real estate investing.

Considering my goals and scale getting a home equity line of credit on one of my investment properties would be the silver bullet

I’ve contacted some folks , most don’t touch Equity lines on investment properties... and the ones that do limit you if you have over four mortgages and I have 10.

This point I’ve resigned myself to paying down debt. Let me know if I’m off base. Thx again 



@Raymond J. Rodrigues okay. I seriously doubt a realtor can help but I’ll give it a shot thank you so much

I have been investing in South Tampa for 16 yrs looking for my 11th rental, 33616 zip , let me know. Thanks. Ben

@David M. Not sure I completely understand but I do appreciate any input

Do you have somebody I can speak with?

I can meet almost any underwriting criteria I have a professional job good W-2 earnings , great credit, appropriate documentation , a lot of equity. 16 year track record of success and property management.

Honestly there is low low risk it’s just a product does not exist right now because of Covid that’s my feeling

@Stella Xu that’s insightful and I think you are correct it’s just a matter to what degree.

A lot of folks already commute from suburbs so they’ll just stay put

another factor driving this will be a desire to be in less dense areas (reduce the odds of virus transmission)

I think you answered your own question you’re j going to see continue migration south towards Florida Texas maybe South Carolina

I’m still concerned about long-term employment impacts to the real estate market... once the Federal Reserve stops printing money abd forbearance periods end

1. I have 9 conventional loans, all 30 year fixed low rates, IN my name

2. Many of the homes have 80%  Equity or the loan is 20% of the value

Question:

3. How can I access the equity on some of these investment properties?.

Not interested in cash out refi.... my deal criteria is strict and it may take 24 months to move on the next property, I don’t wanna pay on capital without applying it. . thx for the help! Ben

@David Shiling don’t overpay and standard lease works. Treat your tenets well. Collecting 250/yr rent. + cash flow 15 yr straight. Simple common sense stuff. Easy.