All Forum Posts by: Kevin O'Bryan

Regarding your #2, your best bet is to finish the work so it appraises higher, then just get a cash-out refi. You'll need to wait until 6-months after purchase otherwise they will just finance the purchase price, not the after-repaired value.

Personally, I would do a cash-out refi rather than a HELOC. Doing so puts cash in your pocket to do another deal, it improves the returns of the existing deal, and makes the property less of a lawsuit target. (Free & clear rentals are attractive for lawsuit.) If you are worried about qualifying for the next purchase you should know that the untapped amount of the HELOC counts against your debt to income anyway.

Thank you for the information. Very much appreciated.

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Hello, and thank you for taking time to read my question. I have never dealt with a bank or broker for mortgage services. I paid cash for a tax sale property 4 years ago. I did a substantial remodel with out of pocket money. I now live in this two bed, one bath 1,100 sq foot house. My realtor friend told me I could get 110K+ if I sold it today. I bought the house across the street two years ago in a tax sale. I paid 20K for it. I have it gutted and I'm working with a contractor. My rehab budget is $50-60K. What are the best options to finance house #2? The house will be a short term rental when it is complete. I own both houses free and clear. Again, thanks for your time.

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Hello, and thank you for taking the time to read this. I am newer to real estate investing and need advice. I bought two rentals for cash. I'm wondering what is the best option to leverage my ownership of these two houses so I can buy more (or be prepared when a deal pops up). I'm rehabbing house number 2. I'm not sure if I should contact a mortgage broker, a local banker, or a hard money lender. These are small homes, 1000sq ft, 2 bed one bath. Thank you in advance.

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All Forum Posts by: Kevin O'Bryan

Kevin O'Bryan has started 2 posts and replied 3 times.

Post: HELOC vs Cash out refinance? Which is the better option?

Post: HELOC vs Cash out refinance? Which is the better option?

Post: I need advice on how to scale my two (debt free) homes