All Forum Posts by: Bianca Rodrigues

Thanks for the update! TD Bank wasn't helpful. Didn't seem willing to try and make the HELOC work on my property as well. I am going to try a local credit union and see if I have better luck.

Did you inherit a home that was in an irrevocable trust? I’m curious because my parents are thinking of putting their home in an irrevocable trust.

Hello!

I currently reside in Massachusetts and would like to look into RE opportunities in Columbus, Ohio. I’ve done my own research on the area, but would like to get a better perspective from a local real estate agent in the area who has more knowledge about the current RE market, better neighborhoods to invest in, and preferably someone who has worked with out of state real estate investors and buyers.

Thank you!

Quote from @Remington Lyman:

Quote from @Bianca Rodrigues:

Quote from @Jeremy H.:

Buy box...First I narrow down the type of property, the size, the location etc. 

For me location comes first - I can change almost everything about a property other than the location (this will dictate the school, crime etc). After that I must have 2 bathrooms - one bathroom makes the property hard to rent and later sell. Type - I'm open to - 1-4 units, SFH - all ok

Now we've got the type narrowed down and need to make the numbers work. 

For me on a SFH, after all expenses are paid (PITI, PM fees, vacancy, repairs/maintenance/cap Ex) I want to make $150 per door. For MFH I want $100 per door. Now that the cashflow is settled I look at ROI - this depends based on the property and location. For an awesome SFH in a great area I'll do 7% CoC ROI, for a MFH I'm looking at a minimum of 15%. On top of that I need equity capture at the buy. I'll go up to 85% ARV (after all expenses are paid) on a great property in a great location. Mediocre location I'm looking at being all in for 75% ARV (this is again after all rehab expenses are paid).

So there's really three things I'm looking at to meet my criteria - cashflow, CoC ROI and equity capture at the buy

Here lately I've been hovering the 82-85% ARV mark on my SFHs after the rehab - we're still dealing with high prices and now high rates. Makes it a little more difficult that it has previously been.

I will likely be taking a year or so break after this next one just to let everything get settled. I've done 5 properties in the last year and a half and I'm just burnt out

Really appreciate your response! How do you figure how much you’ll make per door? Silly question, but I’ve never accounted for a per unit return if that makes sense? 

I am currently in Massachusetts and the prices here are incredibly high. Do you do out of state investing? I’ve been more and more interested in the Columbus/ Cleveland OH markets.

 I am from CT and have been buying in Columbus, Ohio. The cash flow and appreciation has been solid

How has your experience been investing out of state and building a team to help with property management or repairs?

Is there a specific neighborhood in Columbus that you feel has done better in terms of cash flow/appreciation?

Quote from @Jeremy H.:

Buy box...First I narrow down the type of property, the size, the location etc. 

For me location comes first - I can change almost everything about a property other than the location (this will dictate the school, crime etc). After that I must have 2 bathrooms - one bathroom makes the property hard to rent and later sell. Type - I'm open to - 1-4 units, SFH - all ok

Now we've got the type narrowed down and need to make the numbers work. 

For me on a SFH, after all expenses are paid (PITI, PM fees, vacancy, repairs/maintenance/cap Ex) I want to make $150 per door. For MFH I want $100 per door. Now that the cashflow is settled I look at ROI - this depends based on the property and location. For an awesome SFH in a great area I'll do 7% CoC ROI, for a MFH I'm looking at a minimum of 15%. On top of that I need equity capture at the buy. I'll go up to 85% ARV (after all expenses are paid) on a great property in a great location. Mediocre location I'm looking at being all in for 75% ARV (this is again after all rehab expenses are paid).

So there's really three things I'm looking at to meet my criteria - cashflow, CoC ROI and equity capture at the buy

Here lately I've been hovering the 82-85% ARV mark on my SFHs after the rehab - we're still dealing with high prices and now high rates. Makes it a little more difficult that it has previously been.

I will likely be taking a year or so break after this next one just to let everything get settled. I've done 5 properties in the last year and a half and I'm just burnt out

Really appreciate your response! How do you figure how much you’ll make per door? Silly question, but I’ve never accounted for a per unit return if that makes sense? 

I am currently in Massachusetts and the prices here are incredibly high. Do you do out of state investing? I’ve been more and more interested in the Columbus/ Cleveland OH markets.

Hi all!

Just curious to see what criteria you have when analyzing a potential rental property.

Thank you,

Bianca 

Hi All!

First time landlord here. I have a three family apartment building where I’m renting the third floor to travel nurses. I just recently had a nurse sign our lease (expected move in was June 11) and now she wants to back out of the lease because she found another place. My lease doesn’t have anywhere stating about early termination of the lease (my fault) but isn’t a lease a legally binding contract once signed? Is she able to just say she wants out and we’re supposed to allow it?

TIA!

I have a single family (use to be primary then switched to STR) investment property and a three family that I currently owner occupy. I'm trying to leverage the equity from the investment property but running into DTI being higher than the underwriter would like. How do investors continue to pull equity from another property without their DTI being sky high?

Would creating an LLC for my investment property be beneficial in the sense of lowering my DTI?

Thank you

Quote from @Bianca Rodrigues:

I have an update! Went with TD Bank but they denied me for having a higher DTI than the 47% that they want. I'm asking the underwrite to go back and see if I can get approved for a lower line. I currently have my single family investment property plus a three family that I owner occupy. How do investors like myself getting started and new to real estate pull equity from a former property without DTI being an issue!

Also, a cash out doesn’t make sense for me at this time because I just can’t part with my 2.5% rate. 

I have an update! Went with TD Bank but they denied me for having a higher DTI than the 47% that they want. I'm asking the underwrite to go back and see if I can get approved for a lower line. I currently have my single family investment property plus a three family that I owner occupy. How do investors like myself getting started and new to real estate pull equity from a former property without DTI being an issue!

Quote from @Clayton Silva:

Has the Airbnb income been documented on your tax returns and will your DTI sustain a HELOC on the investment? Last question what state is investment property located in?

Hi Clayton, yes, the Airbnb income has been documented on my tax returns for the past two years and my DTI will sustain a HELOC. The state is New Hampshire.