All Forum Posts by: Devon Shives

Currently have a duplex I’ve been in 3 years

Mortgage 3.65% pmt $850

Tenant pays $875

Heloc $30k——monthly $291

The issue I am running into is

Rates are so high right now and it’s a lot harder to find another that will cover full mortgage.

Does it make sense to leave somewhere that it is full covered to go to one that is not?

Granted once I rent out the unit I leave, after vacancy and everything we would cash flow almost 400(minus heloc as well)

All the deals I find. Rents are low and prices are high. We would have to come oop about 400-450 for 2nd HH.

Also planing to use other rest of heloc for a dscr or brrr so that would possibly help as well.

Would you wait until rates drop to do another HH and just buy the brrr/dscr now?

Or would you just use the cash flow from your old unit to make up difference?

Or I could just buy 2 brrrs/ or dscrs and stay here. 

@Natan Eisenberg. That’s the thing. I really don’t want to use Dscr because of 20% down. Would like to do owner occ conventional with 5% down but don’t think we will qualify. I guess I’ll have no choice but to use dscr 

I'm trying to get a heloc or cash out refi on a primary residence duplex.l under FHA.

I have great credit but modest income

Wife has bad credit with better income therefore I don’t believe we will qualify for heloc.

Our plan was to get heloc to use as a down payment on another house hack or general investment property.

So far our mortgage company said they could do the cash out refi which would raise our mortgage from $800 to $1200 (current rate is 3.62) and the rate would go to 6.6

To pull out hopefully 30-35k max

My concern is if I do the cash out. We won’t qualify to get another mortgage anyway due to either dti or income.

From your investor expertise, what would you do in this situation? Really looking to get some more properties asap.

I’m I’m the same boat. Did you ever figure it out?

I was recently approved for a loan. I am looking to house hacking a 2-4 unit with fha or fha 203k loan preferably on the east side of pittsburgh. My question is what if the purchase price is lower then the arv? Is it still worth pursuing? How does that affect the ability to refinance down to line to possibly have money to pull out for another property? I’m new and have a few questions. If there is anyone on here I can reach out too via phone please send me a message. I’m finding places like turtle creek, Pitcairn, Wilkinsburg. 

I have a deal in which the numbers may not work for a wholesale deal so I wanted to seller finance it to be my first rental. It’s a 3 unit with 2 units currently occupied. Could use some updates but is livable. Is there anybody on here I can reach out to who has experience with this?  

Exactly. I’m looking for c class. Any suggestions. I’m willing to sacrifice the comfort of living for the future 

@Jeremy Taggart thanks. Yes my goal is to find something that doesn’t need too much work so I can just do a fha. What areas would you suggest to start looking in Pittsburgh?

I am looking to buy a triplex or quad in the next 7 to 8 months (in process of getting credit score as high as possible) and live in one unit. I want to go FHA. I lived in Pittsburgh all my life but I'm not sure what markets are great for investing. Should I go turn key or fixer upper in that case I'd probably need a 203k loan. I'd love any input or guidance anyone can offer. Also looking for local real estate meet ups. Would like to wholesale part time as well. Willing to trade work/value for knowledge