All Forum Posts by: Devin Peterson

Hi everyone!

I have a quick question and would love to hear your thoughts. If you have a couple of rental properties with some equity, and you're looking to tap into that equity to fund more investments, what would you do? The current loans on the properties are with a bank that offers a flexible rate, which has recently increased. Would you consider doing a cash-out refinance into a 30-year DSCR loan, or would you opt for a line of credit instead?

I have about 950k in properties. I have about 550k in equity, one property is completely paid off. Recently after some medical issues(I’m all good now) I’ve exhausted all my reserve funds and have 50k in high interest debt. I am thinking to refinance my paid off property. Just not sure if I should just get the 50k to pay off my loans or get more cash out of the property for reserve funds

I am interested in using a hard money lender to buy a property to flip. What are some questions you would ask a lender to vet hard money lenders? Also what are some things you look for in a lender? Do you recommend a local one or does it not really matter? Thank you! 

Hello all!

I'm an experienced investor that's emerging from a difficult period. Need input / ideas / comments on following pls.

I have 2 SF rentals that I'm facing foreclosure on as I fell behind w/ the mortgage payments on (due to unrelated problems). Those other probs have now gone away plus I'm making a lot more dough from my regular work/day job these days. My credit is poor right now but can easily be improved as my income is much better lately. 

I owe approx. $40k in arrears on each. Seeking either lien in amount of arrears, or refi of each if poss.

Approx. #s: value: $440k each, total debt: $310k each (incl. arrears), prop taxes/mo: $500, insurance/mo: $25, common charges/mo: $380, rents/mo: $2700 & $2250

Pls feel free w/ any solutions / input / ideas.

Tx

Dave

Hello, BP world. I'm curious about what bank is the best bank to do a cashout refinance with. With so many banks to choose from and me already doing thorough research, I was hoping someone had a personal good experience with a certain bank or an individual at a bank who understands our world.

Looking for a lender or investor who can do a HELOC on investment properties that have a DSCR loan. Do these exist? If so, who should I be in touch with and what should I know?

We are purchasing and rehabbing a short term rental, but need to decide whether to put in our names or in an LLC?

Heres the scenario:

Married - Husband owns 2 properties (1 long term and 1 short term) and wife owns 2 properties (1 long term and primary residence)  in each of their own names.

Husband has LLC with zero properties. Husband is also a licensed building contractor and wife is a realtor (if it matters).

We are trying to determine if it makes the most sense to put our first property that we are purchasing together into an LLC or not? We are finding conflicting information as it pertains to insurance and liability.