All Forum Posts by: Harmony Brown

I was able to do this deal. I purchased the property outright using a HELOC on my fourplex. Then we rehabbed the property and moved in. I'm just now doing a cash out refinance based on the property itself as a primary home.

Hi All,

I am looking for any leads on someone who might know any companies/people (preferably local but really any) who would qualify a loan based on real estate holdings and rental income rather than proven income. 

A little bit about me:

I own 3 single family homes in Missoula, 2 of which I rent out and one of which I live in.

I own a fourplex in Missoula which has all 4 units rented.

I owe about half the value of the above properties.

I am trying to buy a foreclosure home and acreage in Stevensville for well under market value (my offer has been accepted, now I am trying to get financing in place).

My income looks very low this year due to the fact I have rehabbing houses to get them ready to rent and do my own maintenance and property management (no income to show from any of these "jobs"). I do have some income to show from a 1099 and W2 engineering job but not enough to qualify for a conventional loan given my Income to Debt Ratio (about 60%). I have excellent credit.

If any one has any leads please send the information my way. I have not exhausted all options, I just am trying to save myself some time/energy as the clock is ticking until the closing date on the Stevensville property of 1/22/18.

Thanks in advance!

Harmony

Hi Jeremiah! Thanks for the reply! I'm out of town until next week but I'll give you guys a ring when I get back. I hope it is a good fit! 

Hi! I'm a fairly new real estate investor in the Missoula, Montana area. I own a relatively new fourplex that hasn't needed really any maintenance work but I'm hopefully closing on 2 single family houses on March 8 that will need some work before renting them out (structural assessment/reinforcement from beneath the house, kitchen remodels, painting, decks, Windows, fencing, landscaping). I will also need some help getting my current house ready for rent (finish bathroom remodel, deck,  landscaping). Does anyone have any recommendations of a great contractor or maintenance person that could complete this work for me? I'm hoping to find someone reliable I can build a long-term working relationship with as I will have ongoing maintenance needs from here forth!

Thanks in advance!

Hi! I would love to attend but am currently on vacation in Mexico! Please add me to the list for the next meetup!