All Forum Posts by: Inga Davis

Hello,

I just started my real estate investing journey this year and am looking for a local CPA in Columbus OH who could help me with tax planning now and in the future. 

Thank you,

Inga 

Hello,

I just purchased my first property using my heloc, it's renovated and rented out (BRRRR strategy). I bought it 3 months ago and am running into a problem when it comes to refinancing it due to the seasoning period. Most lenders seem to have a 6 month seasoning period, so I can't do a cash out refinance right now at 3 months after purchase. Are there private money lenders who do cash out refinancing deals as an alternative? Or what is the best way to get around this seosoning requirement so that i can buy my next property with my heloc? Thank you!

Hello,

I was approached by a temporary housing company. My property is currently listed for rent at $1700/month as a long term rental (1 year lease) in Columbus Ohio (43219). The housing company is looking for a 6 month lease for a family who was displaced from their home and are looking for a 6 month lease. They mentioned that they are willing to pay a premium for a 6 month lease that most property owners charge.

My question is what would be an appropriate premium for a 6 month lease if I am asking $1700/month for a 1 year lease? I have no experience with temporary housing companies, but I know the rent would be guaranteed and paid directly by the insurance company which makes it attractive to me, then again I will have to look for new tenants in 6 months. 

Thank you,

Inga

Thank you. I plan to reinvest it to purchase another property right away. I did some more calculations and it seems that I would be able to pay the heloc off  with the extra cash flow if I do the 75%ltv loan at 7.5% interest. Thank you, this discussion thread has helped me think about the loans in a slightly different way and weigh my options better. 

Hello all,

I bought my first rental property in Columbus OH using the BRRRR method and money from my HELOC on my primary residence. I am now trying todo a cash out refinance to pay off my HELOC so I can repeat the process. I could get all my money back out (except closing costs) if I did a 80%LTV, however that would be at a 9% interest rate unless I decide to buy down the rate. I would still be positive cash flowing, but just barely. My other option would be to do a 75% LTV at 7.5% interest, but I would have to come up with $20,000 to pay off my HELOC or carry the balance on my HELOC and pay interest on that as well. My goal is to keep this property long term, refinance in maybe 3 years when interest rates have hopefully come down and my property has also increased in value.

Thank you for your help! - Inga