All Forum Posts by: Jc M.

@Kerry Baird, yup. Agreed, that's seems to be one of the problems.

I have a SFH rental in Northern California with a $200k HELOC balance (in second lien position). My first is a 7/1 ARM at 2.684% and one year into the term.

Are there any lenders that would refinance my HELOC into a fixed-rate equity loan, preferably with a 30-year term?

I'm trying to avoid a cashout refi combining first and second given where rates are. But, they're rising, it'll take me a long time to paydown the HELOC and I'm open to ideas!

 Thanks, James. As you said, maybe buy more RE instead or do in a different market.

 $525/mo and about 780 per 2bd/1ba unit. Market on these is closer to $700-$725 and we're moving that way.

 Yup, we tried. Someone suggested giving the appraiser a list of upgrades upfront during the walk-through. I think that's a good idea. Once the appraiser makes a valuation, I think they're reluctant to walk it back unless the evidence is clear cut and very compelling.

 My loan officer and processor tried to contest the appraisal using data I supplied, but they wouldn't change it.

I need your wisdom and vote please.

So, a year ago I bought a little duplex in North Collinwood, Cleveland for $65k cash, slapped a new roof on it, upgraded the electrical with new panels and meters, fixed some knick knacks and the recent appraisal came back for only $66k. The upgraded electrical is just a footnote on their report and the incorrectly marked the roof condition as "average" instead of "new". The nearly exact same house next door sold for $72k. Another down the street went for $107k. Investors buy old houses and fix them up to add value - why isn't this being recognized on the appraisal? 

I cannot continue with the cash-out refinance with this lender because the loan amount is now less than $50k based upon the appraised value. Which of the following should I do next?

1. Raise hell - already did that. The appraiser refused to amend their report.

2. Pay for a new appraisal - Ugg, more $$$.

3. Find another lender  - <$50k loan with fewer lenders and less favorable terms.

4. Fix more to raise value - units still need updating and rents are below market. Only takes more $$$.

5. Sit on it like a mother hen and wait - continue to stabilize and try to cash-out refi again later. 

6. Stop buying tiny properties with the hopes of pulling cashout in <1 year.

6. Start buying more tiny properties and get more creative with financing.

8. Plow money into the lotto - screw real estate.

Thanks guys and gals!

My title sucks... can't edit, oh well. Prefab multifamily family units in Cleveland!

Anyone bought or installed prefab housing in Cleveland in order to add units to a small multi-family? One of my duplexes is on a corner lot with a vacant lawn I'd like to do something profitable with. I'd love to plop down a standalone 2-3 bedroom prefab unit if it will fit and if the price is right e.g. around $50k installed for a basic build. If you have any experience doing the same, I'd love to hear about it.

I have a contact with a construction company looking into it that and who might also help me convert the attic to a legal unit since the previous owner already framed it out, and roughed in plumbing and electric. Since I can't seem to win a quad in this super hot market I want to try and create my own!

@Tess L. I'm already in the US but this is awesomely helpful for others in our community. Thank you for posting!