All Forum Posts by: Joseph Hanich

@Michael Baum - let me know if you are wanting to look in the Coeur d’ Alene, Idaho market.

@Mindy Jensen - hey Mindy, I haven't really gone into depth with a HML, just gathering some basic info with them. At this stage, I'm going to need to stack some cash and get a little more creative with finances.

@Joe Splitrock - Definitely great advice, and I will likely go this route.

@Dennis Cosgrave - Yes, I have definitely thought about that, and will be my next step if I am not able to find a hard money lender willing to work with me. I am a big believer in house hacking, but I am also in the process of getting my fiance on board to all of it. Thank you for the help Dennis. 

@Derek Carroll - I appreciate the info. I did come across a hard money lender willing to do exactly that, I am just hesitant since there is a risk of potentially losing both the investment and my primary residence if things go south. I need to start analyzing everything. Thanks again Derek. 

@Caleb Heimsoth - will do, I appreciate the insight!!

@Caleb Heimsoth - I would say LTV is around 77%

@Caleb Heimsoth - and that’s what I’ve been hearing from everyone, so I’m not sure if it’s a lost cause at this point.

@Alexander Felice - thank you for the reply! I haven't looked into a cash out refi, and was told that a HELOC would be out of my reach because of not having proof of income. I'll dig deeper with a lender about both of these options. Thanks again!!

Hey All, I’m new to BP and I’m also a new real estate agent in North Idaho (6months). I have a question regarding pulling the equity out of my primary residence to put towards a rental property.

I bought my current home a couple years ago and have roughly $80k in equity at the moment. Ideally I’d like to take some of that money and look for an investment, my issue is that because my sole income

is from real estate and I’m a 1099 position I won’t be able to go the traditional route and refi through a bank.

I’m familiar with hard money, but without being able to refinance I don’t want to be stuck with a 9% interest rate.

Are there any recommendations on how to pull some equity out of my home to put towards a rental property?