All Forum Posts by: Brittany Minocchi

Quote from @Tim Flickinger:

70k purchase price. I do have another duplex in Milwaukee

You MIGHT be okay to do a blanket loan like you mentioned depending on the whole scenario (LTV, FICO, etc). Doing them individually with a DSCR would be tough with that low of a loan amount.

$70k purchase price or loan amount? Do you have other investment properties? 

Conventional or nonQM? If nonQM, most lenders have a $100k loan amount minimum. I've seen some that go down to $55k-$75k depending on the scenario. Conventional should be a bit easier to finance with a low (sub $100k) loan amount. 

Quote from @Christofer Smith:

I've been looking at a lot of smaller towns around Cleveland, Ohio and have noticed there are a lot of seemingly decent cash flow properties, but more around the 1.5-1.8% rate. It doesn't seem to be much in the way of appreciation over time, but would these be worth checking out for the beginning investor?

I invest in Canton, about 45 mins south of Cleveland. Depending on the specific area, you’re correct in that cash flow is more likely than appreciation. That’s true in our neighborhoods anyway, but we favor cash flow so it works out fine. The cost of entry is lower.  

Cash out refis, HELOCs or HELOANS are all options to access equity. The biggest difference is the HELOC/HELOAN is second position, so they won't affect the current rate(s) you have. HELOCs on investments can be tough to find unless they're single family and not in an LLC. They could be fixed or variable rate with different repayment terms.

Is this for a primary residence or investment property? If primary residence, there are a few lenders that will go down to 500. Don't expect your rate and terms to be pretty, though. 

Congrats on the upcoming closing! As a fellow Ohioan, I find it to be a great place to invest. 

Yes, it's possible as others have mentioned. HELOCs are hard to come by on investment properties, HELOANs are a bit easier, a DSCR cash out is probably your best bet. Depending on credit, expect 65-75% LTV on a refi.

Hey @Chris A.

HELOCs on rentals are tough to find these days, the only one I know of is for single family properties that aren't in an LLC. HELOANs are easier to find if that's an option you're open to.

Home equity loan on a rental will be easier to come by than a line of credit, keep in mind LTV will be lower compared to owner occupied…probably around 70-75%.