All Forum Posts by: Elwin Green

Thanks for the affirmation. Things will work out better this time bc I'm a different person, differently positioned. The vacant land that I'm looking at for possible development starting in 2026 is in North Versailles. I need to do all the front-end research.

 Thanks!!

 Thanks!!

 I'm an ACRE member, and am enjoying getting to know folks there. Thanks for the invite ; don't know when I'll make it to Morgantown. One thing that I've already learned on my second go-round is not to buy more than an hour away :)    - at least, not yet!

EG

Danke! I have zero connections in NC, but if by chance something emerges, I'll let you know!

Hi, all...

Half a lifetime ago, in the late 80s and early 90s, I took a run at real estate investing. I made enough mistakes to cause enough pain so that I crawled into a corner and curled up in the fetal position for 30 years. Now I'm re-entering the game, with the basic goal of assembling a $3 million portfolio of rental properties, with a focus on midterm rentals. I am also exploring the possibility of developing vacant land. 

I look forward to learning a lot here, and to establishing mutually beneficial relationships with fellow members!

I own a property free and clear, that I want to rent out. First, it needs work. Since there's no income yet, I assume that DSCR financing is out of the question.

It needs about $70k of work to bring it to an ARV of $150k. Is there an equity-based product that I could use to pay for that rehab, with the intent of doing a DSCR once it is rehabbed and rented?

Thanks!

Hi Carlos - is a cash out refi doable with a property that is not yet producing income?

Thanks for all of those responses. Perhaps I should have provided more info. I bought the house in June (titled it to my corp), and am preparing it for Section 8 occupancy as of October 1. So there is no current income for calculating a DSCR; that's why my mind went to HELOCs. Also, while the work to be done on the house is not major, I was hoping to have the house pay for it.

If a lender will do a DSCR based on a Section 8 proforma, that would be great. So far, I have one lender with whom the HELOC convo was actually going well until the matter of the house being owned by a business came up; then she redirected me a commercial loan (which may be what happens).