All Forum Posts by: Eric Malone

I’m renting out my home and had a IG influencer apply. She makes great money 4 times what rent is a month. And her W-2 reflects that. She does have one account in collections but as second position. ( was a co-signer to her mother’s loan that went into collections)

What’s the play here?

I’m thinking passing due to the collections.

But what’s the thought about the job situation? Instagram influencer, what happens when there is no more influencing.

Looking to purchase a 3 family and in the back yard there is a large above ground pool with hot tub. I’m concerned about the liability I would have about tenants using the pool. Is this something I should walk away from?

@Daniel Tisdale your in the same boat I’m currently in.

I think the best option would be take advantage of someone else paying off your mortage and rent it even if it just covers the expenses, and build that equity. Your young you’ll have it paid off by the age of 60 if not sooner.

Buy a new primary with a FHA 3.5 percent down save your cash money. Refinance 6months/year.Do it again. And keep doing it.

Yes I did, but the response from the bank was that they were the ones to summit the rebuttal. But yes I sent them comps with a letter with all repairs and updates done to the property. 

So Im a little bummed and discouraged. After calling 25 banks i found a Bank (Citizens) to do a heloc on my rental property in third position. Its a condo with a HOA. After all the paperwork, applying for the heloc, and running Comps close to my property i was expecting at a low range appraisal to come in at 305,00ish give or take. The Bank came back at 290,000. I felt it was a little low so i asked for a second option appraisal which then came in at 260,000. JEEZ and with that being said the bank told me im at 101% of loan to value. So now im not to sure where to turn, but im determine to figure out a way. The numbers are below:

Property Purchase price $225,000

Looking for a $20,000 Heloc (down payment for next property)

Zillow,Redfin,Trulia : EST. Avgerage $335,000

Mortgage Balance as of Today: $201,987

Citizens Bank Heloc Offer: 4 year, revolving, 80% LTV.

So whats my next Move: Continue to save until i have enough for next down payment? Have spouse take out a Personal Loan gift it to me then use it as down payment then apply for a mortgage then pay off the loan with cash flow from would be two rental properties?

Thoughts?

Hey Vincent, 

I ended up doing a Heloc, and now I’m looking into Ohio City to invest in my first multi family hoping to hit my goal month of October to have the keys. I really appreciate you following up. 

@Arsen Atanasovski could you send me his information. I’m looking in Ohio for a duplex rental property.

@Jaysen Medhurst I was just concerned that if I were ever to be sued the LLC would add some protection from my personal assets.

Hey Guys quick question. On my rental property which is under my name currently. I'm looking to get a heloc to use for a down payment for my next investment property. Question is should I change the property to a LLC before applying for the Heloc or just Apply for the Heloc under my name then change it over to a LLC after.

Just wanted to reach out. Is this the time to cash out Refi on my rental property, and use the cash for a down payment on another one?