All Forum Posts by: Mehdi Haider

Investment Info:

Single-family residence buy & hold investment in Brumley.

Purchase price: $80,000
Cash invested: $80,000

What made you interested in investing in this type of deal?

Investing in high interest rate market is a different ball game. You need properties under $150K that cash flow really well and since I am working full time I needed someone very well experienced that can manage it for me and has real experience with Section 8 and other support service provider organizations.

Thank you both for responding. I was able to find an offmarket wholeseller, turnkey'ed the properties into Section 8 and some external support providers. Financed using HELOC for now. I need to cash out so I can scale. Ideas? 3 properties purchased 275K with total rents 3700 a month

I have explored the following:

1. Refi but the lenders are not giving me 75% LTV based on the appraisal and HELOC seems to be working out better. They say they are using AUS system and investment property is a risk so they can give me 56%. They want a 45K monthly income to give me 75% which is the most ridiculous answer I have heard, considering my DTI should be about 28-30%

2. Credit score has dropped mid 660's

3. Have an active income of 25K from job and contract.

Thoughts?

HELOC on the investment property? Do you know of lenders that do that for properties paid cash on?

I did a HELOC on the primary to scale, but I am looking for a lender that does HELOC purely on investment properties.

Let get in touch tomorrow, I'll call you - a portfolio loan would be ideal, 25% down is ok, I can do that. Is that off the appraisal value or the purchase price? What are the rates going in general or at least difference between conventional and portfolio percentage wise and requirements for portfolio loans? I need to be able to scale quickly into next year, so I need a lender that can work with me on my goals.

Thanks,
Mehdi

I have purchased a property on cash using my HELOC and I was wondering if there are options to do the following:

1. HELOC on an investment property with 75% LTV

2. DSCR Loan with 75% cash out refi

3. Conventional is not giving me upto 75% LTV due to the DTI

My properties are cash flowing really well and are appraised at a good value but still under $100K, except one which is $115K. I need to move fast as some of these properties come from an offmarket seller.

I need to increase my portfolio of SFH homes. Please get in touch if you are a lender and can help me achieve these goals.

I agree, don't start with BRRR now, its too early for people like us that are new, you have to build a team. Goal should be investment property less than 100K or max upto 150K but cashflows really well between $200-400 a door on a mortgage, without mortgage its way better. There are some good options, I came across and I have my 3rd going now. Feel free to reach out and I can discuss more. There are off-market wholesellers out there. Also ensure property taxes are low.

Remember one thing with multifamily you have to pay for some additional expenses like trash and utilities etc, so its not worth. Whatever stays in your pocket more is better.

My properties are in IL btw, with Section 8 or other supporting organizations tenants, rents on time, no hassle with a Section 8 property manager I have. I always get appraisals done first to see the value then negotiate the price, get a tenant sorted, stabilize it.

Hi @Sabrina Dagostino I've started myself this year as well, but now I have 3 properties. I did a HELOC on my home and paid cash on these properties. I am looking for DSCR loan options under 100K

I purchase off market properties through a wholeseller and have a property manager that makes it turnkey and knows how to manage Section 8 tenants for a small fee + monthly property management cost. After reviewing the first property I jumped on 2 more as they cash flow really well compared to buying homes that are expensive.

Feel free to reach out if you're interested.

I am mulling options to see if this is a real problem for new or existing landlords today. I have a single property that I've started out with and for me to manage the costs I have a single account and an LLC. As I plan to increase my investment to another multi-unit property, I'll potentially invest 10-20% of my own savings, are there any free or really low cost banking or real estate management solutions that can help me do this, prefer one!

1. Accounts for each primary property 

2. Ability to get payments from renters

3. See your cashflow, mortgage, taxes, interest and expenses in one dashboard - basically be able to estimate my ROI and review something on a regular basis, plus for tax purposes, as I am trying to get the groove on taking pictures for each payment or doing this through the bank

4. Earn interest on my cash in the account automatically, most big banks don't pay you a dime

Most importantly, how do I verify tenants and check if they are good/credit score or otherwise as a new landlord myself?

Thank you Bigger pockets community!