All Forum Posts by: Chiane Martin

Quote from @Alece Shumpert:

@Chiane Martin Where did you apply for your HELOC on your property?

 Synergy One Lending 

Huntington also said no

Still having this same problem as of 1/28/2025.
Just applied for a HELOC and was approved. When they realized that it was held in an LLC they denied my application. Not finding anyone that will give a heloc on non owner occupied (noo) titled LLC. Theyre all pushing for cashout refinance. Hopes this helps anyone looking currently.

You’re absolutely right. I had the same thoughts myself which brought me here. I wasn’t so sure how much of the headache I really wanted to deal with. Thank you for your insight!

Quote from @Bryan Montross:

Let me caveat by saying I do not know the Cleveland market. In my personal opinion, if I was renting a room with a group of roommates, I would want more than one bathroom for 4 rooms. I don't think that is a great ratio for unrelated (even related) people. However, you would have to look at your market and see if people are interested in renting by the room and how much they would pay. If there is demand and you could get more for 4 rooms than section 8, go for it. You could even look into companies like PadSplit that help with renting by the room scenarios.

Having a better ratio makes more sense. Also thank you for the PadSplit recommendation. I think I’ll keep this as a regular single family and work on another. Thanks so much!

Hi everyone,

I’m an investor in Cleveland. Born and raised here. I currently have 6 doors. 
I just recently bought a single family home and had a contractor tell me about making it a rooming house. 4 bedrooms, 1 bath. 
Wondering does anyone have any experience with this? Pros/cons/tips? OR should I keep my original plan and section8 it. 
Thanks in advance

Just a brainstorm, could you ask if your cleaning crew could run through a checklist for you for an additional fee? Or another property manager that has a lower rate?

Hi Trent,

I plan to borrow 50-60k. This will purchase my third home as well as pay my contractors for repairs and materials. I have income from other units as well as my own personal income. Instead of using my own money, do you have any other suggestions besides my initial thought of the SBA loan or growing organically?

Hey all,

I have a little dilemma. Ive been using all of my own money to buy homes, pay for supplies, repairs/contractors, etc.. I don't want to use my own money anymore because it is now dwindling. My business has not been up and running for two years so I'm wondering does that disqualify me for an SBA loan? My other idea was to get a personal loan to cover my upcoming expenses (around 60k). This 60k will allow for me to purchase another home, materials and pay my contractors. I will be able to pay my monthly loan payment with no issues. I don't want to get a HELOC and lock up my equity. I'm wondering if there are any other suggestions or options others might have experienced or know of?

Thank you in advance!

Hey all,

I have a little dilemma. Ive been using all of my own money to buy homes, pay for supplies, repairs/contractors, etc.. I don't want to use my own money anymore because it is now dwindling. My business has not been up and running for two years so I'm wondering does that disqualify me for an SBA loan? My other idea was to get a personal loan to cover my upcoming expenses (around 60k). I don't want to get a HELOC and lock up my equity. I'm wondering if there are any other suggestions or options others might have experienced or know of?
Thank you in advance!

Hi Nicole! Super sad to have missed this event. Im a new investor in Cleveland and look forward to the next meetup. Do you have a date set for next month?