All Forum Posts by: Daniel Lao

Thank you for responding @Craig Larrain, @Randall Alan! 

One piece of information I forgot to add was that the lease has already expired in October 2022 (Denver, Colorado). I wouldn't want to evict the tenant but giving the issues and the tenant not paying it seems like the only way. Also thank you for the tip in accepting Section 8 Portion but not accepting the tenants rent portion. It sounds like we can't accept tenant rent portion this would be viewed as agreeing to resolve the case with the tenant. However, receiving section 8 rent portion may still be applicable here. 

Hi BP!

My rental property is currently being managed by a property manager. We currently have a tenant who is not cooperative (grinch-like) and hasn't been paying rent. This tenant is also a section 8 tenant and receives a portion of her rent from Section 8.  She hasn't been paying her portion of rent since October, but Section 8 has been paying their portion for the month of October, and November. 

My property manager says that the notice to quit (which is used to evict tenant) will be void if we collect rent for the month that the notice to quit is being served. 

Is this correct? I am confused because the tenant still owes us money and i'm unsure how collecting rent will void the notice to quit for the month.

Thank you!

Hi BP!

I am currently looking for lenders that would be able to do a HELOC on an investment property in CO. I've called a few banks and brokers and it seems that 75% is the limit.

Are there any banks that would be willing to do anything higher?

Recently appraised for 775K (August 2021) and 533K left on the loan. 

Thank you in advance!

@Adam Smith 

- Thanks for the insight i'll dm! 

@Nicholas Covington

- I've heard of other institutions e.g Union Bank going to 20%, but this was also earlier last year so i'm sure banks have gotten more tighter since then. Is this more recently?

Hi BP!

I recently saw some posts in this same forum on current changes that are taking place to financing in 2021 (e.g DTI, reserves). One other possible change is majority banks going into 25% down on investment properties.

In my specific example I have a duplex of about 715K and I would prefer to only put 20% down, I suspect that since this is a 2-unit that I am still within in conforming loan limits for a fannie/freddie. 

Some of the lenders i've chatted with are requiring 25% down for an investment property. 

Can anyone recommend a local lender that is doing 20% down or am I out of luck (assuming I don't get an ugly interest rate)?

Thanks in advance!

Unfortunately, I don't think the deals in this area appraise that high. But it sounds like we are still stuck in the same boat and maybe some of the problems found in All Cash Deals.

Hi BP!

I am looking at an all cash deal on a property out in the Mid West. I had some questions on some of the timing that is involved with an all cash deal. This property is about ~130K. 

Im familiar with the LTV ratios needing to be required but i've also heard of scenarios in which you can refinance out 100%.

Is it possible to refinance 100%?

Is there a seasoning period before doing so?

Would I be able to pull the appraised value out at the time of refinance or is it only the 130K?

I've heard instances that some banks don't bother with such a low amount but I could be wrong as well. 

Any information is greatly appreciated.

Thanks in advance!

@Greg Pond

Thanks Greg, I will be DMing!

@Noah Gregory

Thanks Noah for the insight. I will definitely be DMing as well. 

@Matt M.

Thanks for Responding! 

I am primarily looking for low cash flow, but long term appreciation. I am open to other strategies but this was the main one that I was interested in. 

@Steve K.

Thanks for your insight, I am just getting started out there, but I have also been looking to house hack a place of my own in Denver as well. 

Hi Bigger Pockets!

I have been a long time lurker on these forums as well as enjoyed listening to the many BP podcasts. I have been encouraged by all the thoughtful and supportive people here on Bigger Pockets and I finally feel ready to start my Real Estate Journey.

I am currently nestled away in Silicon Valley as a Software Engineer but would like to explore the Denver Market because my Partner lives there. We have a decent chunk of capital and are primarily looking for Duplexes and up.

My hopes with this post is to connect with anyone who is willing to provide some insight or potential opportunities within the Denver Market and surrounding sub markets. More specifically, other Investors and brokers. But also anyone who wants to connect.

Thanks in Advance!