All Forum Posts by: Jacob Bremer

Nice to connect! Yeah, I’d be open to this as well. Property A is at 3.4% interest right now so I don’t think I can reasonably cash out refi on this one. 

Hello all,

I am thinking about my next investment move and wanted to get some insight. I have two properties I could use for HELOC.

Property A: Cash flowing STR. Bought at 675K in 2020. Now recently appraised at 1.2M. Remaining Mortgage: 599K.

Property B: 12mo Rental: Bought at 210K. Renovations 50K. Monthly Payment 1550/mo. Currently 12mo lease $1900/mo. Hasn't been officially appraised but probably somewhere around 300K. Remaining Mortgage: 152K.

I currently have about 50K in cash.

My main thought was to find a cash flowing rental in the 150-200K mark and use my entire HELOC on property A to fund it.

My other thought was to find a flip job for faster cash.

Is there other ventures or financing ideas I should be considering? What are others doing in situations like this?

Hello!

I am a realtor and investor here in Austin, Texas. I have been crowd sourcing small projects like 6 month flips, cheap long term rentals, etc. I recently came across an opportunity for a very lucrative investment that would be a full spec build in one of Austin's most prominent and desirable neighborhoods. Land acquisition is ready, have builder and architect set, and even lender is ready to go. This is a larger project so I am seeking additional capital. If you are interested in hearing more about it, I have good details in number to present. Please send me a DM.

 Hello! Realtor and long term investor here in Austin. There are ways to make cash flow right now. It's tight, but it makes the deals very simple to read. I've purchased two homes in the last 6 months that are cash flow positive. I also did purchase one where I'm slightly negative (apprx. $75/mo), but I'm happy about that one as well. 

I bought a rental in 1/2021 for 700K. Principal is about 615K right now. Rate is 3.4 conventional. Monthly payment is 4,050. Overall, I'm just barely cash flowing on it. The current market value of my home is 900K. I have some great opportunities to for additional rentals in my area and was wondering if potentially doing HELOC to try and leverage it to secure an additional rental.

Additionally, I spoke with my lender and he said I could refinance the property and bring my monthly payment down roughly 3,450/mo. Of course, it would be a higher interest rate, but as a rental, wouldn't it make sense to do that? 

I realize these are both different, but curious if I'm missing something I should be considering, Seeking a little advice on both fronts. 

Property is in Michigan. Still work? Sorry forgot to put that. 

I am currently 10 months into a 30 year loan on a lakehouse I'm using as a 100% STR. I have already covered the expenses for the year, and at this point, just collecting income with statements for proof.

I am trying to buy another rental property nearby to do the same thing, but I'm running into trouble finding a lender. Any recommendations for what type of loan or what rates I can expect this time around to compare with?

Any recommendations here in Austin?

I've closed several deals with clients in Pflugerville over the course of the past few months, and it's an excellent area for the reasons mentioned above. Additionally, there is great space on the other side and plenty of recreational opportunities there as well. It's been a hot spot for sure!

Having said that, there are other great areas as well to answer the second part of your question. There's a variety of rapidly growing areas that provide great opportunity all over central Texas. 

Scenario: I recently bought a home to use as a 100% vacation rental in another state. I used a traditional lender and it's a personal mortgage. The rental is doing extremely well, and I'm on track to make cover all expenses and turn a profit in the first year (bought December 2020). 

The house next to it is now up for sale, and I want to buy it. It's half the price of the one I purchased, but I am having trouble securing a loan. No traditional lenders will consider because they said I need to wait a year or longer to have tax returns that I'm turning a profit even though I have documents from the property management I'm using that it's turning a profit. I have the rental under an LLC, but banks with commercial lending said the business needs to exist for at least 2 years before you can apply for a loan.

Aside from sellers financing, which they won't consider, is there any other options I can consider?