All Forum Posts by: Kenny Kuramoto

I was wondering how to run the numbers with a heloc. If I use for example $100k of the HELOC @7% should I not Refi? Because if the refi at 25% level I'll still have to pay off 25k in the heloc. And start paying down the refi loan. Or wait I don't count the refi loan since the tenant is paying it. 🤔 I think I answered my own question right?! Haha also, how do you guys run the heloc numbers on dealcheck for those who use it.

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Decided not to persue this.. The work for the ugly unit was going to be too much for my comfort level.

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Quote from @James Wise:

Quote from @Kenny Kuramoto:

Quote from @James Wise:

Quote from @Daniel Alvarez:

Hi!

Trying to find out a little info about the warrensville heights oh area. Me and my wife are Looking to buy our first out of state property (We currently live in California) and I have a lead on what looks to be like a good deal near one of the Cleveland clinic locations in warrensvilleheights oh. It’s that a good growing area and how’s the rental market there. Thank you in advance.

Thank you Daniel

Warrensville Heights is a pretty stable area with a solid base of tenants on the lower end of the income spectrum. They have a pesky point of sale process which can be a hassle for new investors. The taxes there are a bit higher than neighboring parts of Cleveland but the housing stock is generally newer and in much better condition.

Sorry to bring up an old thread. Has anyone done a medium term here? I was thinking of doing a fully furnished rental. I got offered a house for 100k 3bed 1 bath home. Rental comps in the area I think is $1200.. thoughts?

I do not think doing a furnished rental in this area is the best use of your $100k.

Understood. Was just wondering.. thanks james.. I'm just debating on buying a SFH here or a duplex in a C class in the Cudell area.. I wish I was rich haha

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Quote from @James Wise:

Quote from @Daniel Alvarez:

Hi!

Thank you Daniel

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Quote from @Bob Stevens:

If the rehab is really 30k all in 120k, is good, depending on where it is

Someone is actually living in that ugly unit month to month for only $400. The 3bed unit is pretty much updated already just some small fixes..

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Quote from @Kerry Noble Jr:

or is the 2nd unit smaller or something? less bedrooms?

It's a 3/1 and a 2/1 duplex

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Anyone know a GC that can look at a inspector sheet and tell me how bad is this property and give me a rough number on repair costs? I'm new to this market and want some insights. Thanks!

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Cleveland, Ohio

It's a Duplex in Ohio. Thoughts on the numbers? 1st unit is bringing $1050. 2nd unit needs a the rehab. Rental for 2nd unit after rehab is $850.

Purchase Price - $90,900

Rehab - ~$30,000

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Quote from @Anton Ivanov:

@Kenny Kuramoto

If you're only using your HELOC for financing, then you don't need the second loan - just enter the HELOC information (likely interest-only loan, 6% rate, term after which you need to repay it, etc.) as your only source of financing. Also make sure you specify what you're financing with the HELOC (some or all of the purchase price, some or all of the rehab costs, or both).

Feel free to PM me with additional questions.

I knew I was over thinking things. Haha. Also. Good job on rentcast. Love it

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Can anyone tell me if I did this right.. Seems wrong How do I set up a Cash purchase using HELOC then the actual HELOC loan on the app. Or just use 1 loan the HELOC loan. I'm just confused as technically I'm not doing a down payment. Just the heloc payment

Info - Purchase Price of 90k, Rehab of 30k, Interest Rate of HELOC - 6%

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All Forum Posts by: Kenny Kuramoto

Kenny Kuramoto has started 18 posts and replied 68 times.

Post: Those with HELOC running numbers on dealcheck

Post: Thoughts on this Purchase for my first REI

Post: Warrensville heights Ohio market

Post: Warrensville heights Ohio market

Post: Thoughts on this Purchase for my first REI

Post: Thoughts on this Purchase for my first REI

Post: Contractor in the Clevland

Post: Thoughts on this Purchase for my first REI

Post: HELOC using DealCheck

Post: HELOC using DealCheck