All Forum Posts by: Bradley Rieger

Hi everyone I just optimized my house hack by bringing rents up to market value and renovations are finished. I am looking to purchase my second property which will be either a triplex or quadplex in the southern New jersey area. 

Its going to be hard to qualify for another traditional mortgage because I have this property plus I merged my painting business with another painter 6 months ago so I wont have 2 years of tax returns to qualify.  

What are some good alternates to traditionally mortgages, maybe a DSCR or hard money loan? I'm not really sure where to go from here

I'm a huge fan of stoic philosophy, Obstacle is the way by Ryan holiday is a great book that makes you think differently about challenges that come up in life and business 

Hi everyone! 

I was housing hacking a duplex I purchased almost 2 years ago. I decided to rent out the whole place and move back in with the rents until I purchase my next house. With both units rented out it'll cash flow 1,200 a month. so I'm looking to get a Heloc since I have enough cash flow to float the cost. I'm trying to pull out 50k to use as a down payment on the next house hack. I'm having trouble finding a bank that will loan out to an investment property. should I keep shopping around or wait since interest rates are increasing.

Thanks! 

Awesome that information is very helpful thanks! 

@Joe Dwonchthanks for the information. If I am the person whos is responsible for the loan can my friend still use the money if I make him a primary user. or does he need to  be cosigner on the loan? 

@Malcomb Stapel So when we bought the house we used my friends financials since my new painting business couldn't be used to buy the house. I am not on the loan but I am on the title. since he was the one who got the mortgage. I wanted to be the one who took the credit hit this time so he doesn't have a problem getting his next house

In the fall of 2020 I did my first deal using the House hack strategy. I bought the place with my friend and have lived here for a year. We did a lot of renovations and with the price increase in the market we should have a good amount of equity in the property.

We are going to take a heloc on the property. does the bank have to look at both owners financials to pull the loan? We each want to use the money to purchase our own houses. Are you allowed to use the money on a house if you're not the one who pulled the loan?

Thanks!   

I've started sending out direct mail and I know a couple of other investors I'm going to approach about buying properties. When negotiating with the seller what is the typical percent down payment and loan length to start with? I own a new business and a duplex so its hard for me to get traditional financing 

Thanks!  

Awesome thanks for the insight

@Nathan Gesner well this is my first property so I am very new to this. Is the best way to go about it is to give her notice that I won't not be renewing?

Thanks!