All Forum Posts by: Casida Caines

I own two mixed-use properties on the same block. However, the property taxes are triple the cost of the first one I purchased in 2019 compared to the other I bought in 2021.

For the past two years, I've attempted to reach the finance dept for assistance, but with COVID at the time and needing more experience, I'm still left with this hefty bill each year.

Is there anyone who can assist (willing to pay for service, of course) or refer me to someone who handles this matter in Queens County? It's widespread in Long Island, but most people there don't work in Queens County.

@David Zheng Congrats! Very inspiring :)

@Lex Miller Hi Lex! I recently came across this company and decided to proceed until I found out that there’s a power of attorney requirement. Have you gotten any additional feedback/reviews or knowledge regarding this company? Did you use them?

Has anyone used HomeTap for funding leverage given that there's no monthly payment for the duration of the term? This seems very appealing due to the monthly saving cost when compared to a heloc or other loan options. But, a non-favorable catch is the requirement that Hometap becomes your financial power of attorney over the asset, in the event of default or a breach of contract where they can transfer the deed of your home, and or sell your property without your approval(cost, fees, time)

Below is a situation I'm trying to evaluate.

Home value- 600k

Mortgage=270k

Hometap loan-100k

Hometap's share due in 10 years- 160k.

Standard heloc cost on a 100k @ 5%, 10 year term(int and principle)= 67k in interest.  

Pro- no monthly payments= leverage the cost of $800-$1,000 pymt.

Con- Hometap being a new startup and having power of attorney.

      - Additional equity of 170k at risk; subjected to fees if home is sold under default/breach.

Hometap provides access to as much as 20% of your home’s value in cash for a 10-year term, after which you can pay out Hometap’s investment (which includes their return) by selling the house, using your savings or refinancing.

Link-

https://www.hometap.com/end-debt-stress-estimate?u...

Looks like we have all similar questions because this could be a great way to invest our equity. I've looked into Unison, Home Tap and Point but I haven't signed up. My biggest concern after reading the reviews on the following link was customers mentioning the low end appraisals Unison comes back with, compare to you city/state annual assessments, and/or private appraisals.

Link:

http://moneymetagame.com/fi/unison-homeowner-equity-access-is-probably-a-terrible-idea/

Looks like we have all similar questions because this could be a great way to invest our equity. I've looked into Unison, Home Tap and Point but I haven't signed up. My biggest concern after reading the reviews on the following link was customers mentioning the low end appraisals Unison comes back with, compare to you city/state annual assessments, and/or private appraisals.

Link:  

http://moneymetagame.com/fi/unison-homeowner-equity-access-is-probably-a-terrible-idea/

 

@Dennis Wasilewski Hi Dennis, with my DTI ratio being 57%, most traditional banks find it high risk and didn't approve because their margin is typically a max of 45-55% depending on the bank.

@Calvin Lipscomb Hi Calvin, sorry I have not. Most hard money lenders are “not allowed to lend on primary residence”.

Hi BP team,
Is anyone aware of hard money lenders that offer a HELOC, in 2nd or 3rd position lien for rehab cost only of a primary residence for conversion to an investment property?

Thanks in advance :)

@Moises B. Thank you for the input. Haha, the process can be brutal, but, Congrats on your purchase!

Where are your target areas?