All Forum Posts by: Brendon Seiffert

Hey guys!

I am in the process of getting a HELOC on my home now, but my question is how do you use a HELOC when using it as a downpayment?

I am just trying to figure out that if I take out $30k on mine, and use that as a downpayment on a $100k house that rents for $1000 a month, isnt that HELCOC payment then eating into my cashflow for the 25 year life of that loan? Or should I pay it off early, and reuse it? 

Not new to rentals, but new to HELOCs and am sort of lost. 

I'm in Kenai, minutes from fishing and am converting my home into a STR. If you plan to be there in the summer, you'll be losing out on a lot of money. I'd imagine you'd be better off with a seasonal renter then a STR in the winter

@Jared Garfield I sent a connect request. Just FYI

@Clark Harris Is it free to use and free for the tenants to pay? If so how quickly does it take before the money is in your bank account? 

Which one do you use and why? Looks like you can collect rent on Zillow and on Cozy free of charge. Both offer background/ credit checks as well.

Any idea how long it takes to receive the money with Zillow? I hear Cozy it can take 5 days before it hits your bank account. 

Ive been on reading books and listening to the bigger pockets and other podcasts for over a year now and just got an accepted offer on my first 4plex with an FHA loan. I have read more books the past year then I did my entire childhood-college career! haha. Your in a great place to start, I would just study and learn all you can and don't take on any consumer debt if you can.

Got pre approved for our first multi family property today! Super excited and we will be walking properties this week.

Any tips/advice or anything I should keep an eye out for or questions to ask?

Also, anyone know of any specific bigger pockets podcast that I should go back and re-listen to?

Thanks!

Me and my wife out looking into getting our first 4plex with the FHA loan. We already have 3.5% down needed, but our curious what our odds of getting approved our for a $350k loan.

Mainly because I had a friend who is in a similar financial situation only get approved for $190k.

Me and my wife make just over $100k a year before taxes.

Per credit karma our scores are 816 and 790.

We have no debt other then our current mortgage.

Our current payment is $908 a month (including taxes, insurance etc). We owe $129k on the house and it is worth approximately $150k.

We’d like to keep the house if possible as a rental too, but trying to figure out if we would have to sell it.

Really trying to figure out what our odds of approval our before we apply to keep our credit scores as high as possible.

When you say 75% of rent can be used, do you mean toward the PITI? Because if so I should be good to go with $1600 coming in and $1779 in PITI each month.

Right? 

Could someone help explain the self sufficiency rule with FHA loans? Looking for a clearer answer and the lady at the bank isn't quite sure and is waiting to hear from her under writers, which won't be till tomorrow.

Right now looking at a triplex with a estimated payment of $1779.52. Since it'll be an FHA loan I'll need to live in one unit. The other two units rent for $800 a month, for a total of $1600.

Does this mean it does not pass the self sufficiency test? Even though if I wasn’t living there I’d be able to rent the entire thing and cash flow it a few hundred a month?