All Forum Posts by: Jonathan Ramsuchit

Is it called a cash out refi, or a HELOC?

Thanks guys. Bryan I am just giving a hypothetical to see if it is even possible to do that. Sounds to good to be true! And its for instances when a buyer requires cash. I can just make a cash offer and immediately just get a heloc and go shopping for properties again! Correct me if I am wrong.

Hey guys,

Let me know if this is possible.

Lets say I have a free and clear property at 100k. Can I get a Heloc for 70% LTV and use that to purchase a 70K property? Now that I own this 70k property free and clear can I get another 70% HELOC and get a 50k to purchase another property that is 50k free and clear etc.?

Now I have 1 property for 50k free an clear and I'm making payments on the 100k property and the 70 property?

Thanks for the response Roy,

When it comes to answering the neighborhood all I know that the median household income is 28,000. Assuming little to no growth in the neighborhood.

I guess I can assume Capex to be around 10k.

Thanks for the response Joel

the seller is selling 3, 3 unit properties. Totaling 9 units.

7 of those 9 units are renting for 400 each. That totals 2800.

the tenants will be paying utilities

Owner financing requires 50k down the rest of terms are negotiable.

Hey everyone!

Everyone heres location, location, location all the time. Is this really true? All the multifamily homes I find that the numbers work are in areas that aren't that good or safe.

For example:

I found 3 triplex that is selling for 180k owner financed. works out to 60k each

7 units already occupied at 400/month = 2800 gross rent

one of the triplex needs some work but I feel like I can cash flow 1500 /month on this even with 100% financing!

It saves me a lot of costs since 'm buying 3 properties in one

Since it is owner financing I can get out of a lot of closing costs and I also assume banks wont see it if I need to get conventional financing for a second property.

Let me know what you guys think. This will be my first purchase so please bear with me guys.

Thanks!

Jonathan

Hey guys!

How difficult can it be for a bank to approve me if a majority of my income is self employment income( non real-estate)? I have a Part-time job for the past 2 years that I wont give up until 2015 because that is when I will have 2 years worth of self-employment income. I assume that I always need to show the bank I have stable income because of getting loans. Am I correct in my thinking that after 2 years I can get approved with my self employment income?

Thanks in advance!

Hey everyone!

New to BP and overwhelmed by the great amount of expert and advice here!

Im currently in contract for my first Investment home.

Purchase price 153,000, dp= 30,000.

After I purchase, what can I now, or how long do I have to wait to leverage and buy another one? Heloc?

Do I have to wait some time and then do a Heloc?

Can I use this house as collateral when I am looking to buy another one?

I think that is all the questions I can think of now!

Thanks In advance!