All Forum Posts by: Christopher Jones

Q: Is there cash flow / income to support an $800K loan. A: Currently, No! There is however only $1800 monthly being paid by a long time tenant. (Plan to renovate this apartment to generate rental income of $2300 per month. Myself and 1 other heir are able to pay an additional amount of our incomes for a combined total of $3K. That brings us to $4800. The other family members living in the property will also be paying some form of rent to make up the balance needed, or 1 of the remaining units will also be renovated and rented to an outside tenant for an additional $2200 per month. However, I am not sure as to what they can afford as of this posting. Lastly, to create even more income, a portion of the loan we are seeking is to convert the first floor of the property to a day care facility, as well as invest in either several flips and holds to generate even more income.

It's already been agreed that myself and only 1 other heirs be placed on the Deed and the mortgage.

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My family and I (5 Heirs) inherited a property in NY that was appraised in 2014 at $2.4M and only has a $106K mortgage, (equity = $2M+) which is up to date. 4 of the heirs, including myself, live in the property as well as my mother. We have a tenant that pays only $1800 per month, but are looking to increase the income by charging all heirs a monthly rental rate. We do not want to sell it and want to take out up to 35% equity ($840K) to pay off mortgage & estate tax, renovate, pocket $10K each, create an emergency fund, place up to 2 years of mortgage payments in escrow, and invest in flip and holds in Atlanta, Ga. Which type of loan should we take out? (HELOC, HEL, Private, or some form of creative financing) All suggestions are welcome.

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All Forum Posts by: Christopher Jones

Christopher Jones has started 1 posts and replied 3 times.

Post: Cash-Out Refi in Inherited Multi-Family

Post: Cash-Out Refi in Inherited Multi-Family

Post: Cash-Out Refi in Inherited Multi-Family