All Forum Posts by: Frank Montero

I have researched the Cleveland area and have come across a property on Lincoln Ave in Garfield Heights 44125 at a great price in comparison to those in the area. As an out of state investor I'd like some input from both other out of state investors who have rental properties in this neighborhood and locals who live in or know the neighborhood. 

How comfortable would you be with purchasing a rental property in this area?     

I've studies The Guide To Grading Cleveland Neighborhoods by the Holton-Wise group and this neighborhood is considered an A class zone, however I know it varies block by block in Cleveland. 

Any and all input would be greatly appreciated. 

*I own several out of state rentals in SC that have worked very well for me; they have been literally painless with the exception of the usual necessary repairs and capital improvements form time to time. Hoping for the same with this investment.
 

I have 1 car payment (lease) and it is a modest $375

Selling the rentals is a very last resort as I just put new roofs on each. Low cash flow on each.

I reside in NY where I have my primary home and have (3) rentals in SC. I recently applied for a HELOC's on my primary residence in NY and(2) of my out of state rentals via TD Bank and was denied on all (3) due to debt/income ration being over their guideline of 40% - I am at 67%.

I have $25k in credit card debt on (3) cards at 0% that I can pay off if need be but from what the underwriter explained, the reduction in monthly payment would not be enough to get me under the 40% debt/income guideline for TD. Basically I need to show more income or have lower mortgage debt; neither of which is immediately feasible. 

The big bank mortgage holders (Chase / Guild) for my primary and rentals either don't do HELOC's or denied me due to debt/income being too high.

My credit score is in the 780's

I earn $175k+

$75k equity in primary home in NY

$125k in equity in each of the (2) rentals that I'd like HELOC's on in SC - I've managed to get a HELOC on the 3rd as its second home

The purpose for the HELOC's is to purchase multiple BRRRR properties.

Need to find a lender that can help me obtain HELOC's on my primary in NY and my (2) rentals in SC.

Any and all suggestions are greatly appreciated - THX in advance

I see your from Tennessee - where are you multifamalies located?