All Forum Posts by: Kirsten Braddock

I second the vote for St. John’s property management. Great team!

Im looking for referrals for commercial lenders located in Jacksonville, Florida. 

@Kerry Baird were you able to find different terms at other banks? The bank we have been using for our investment properties said they could only do up to 70% LTV for our HELOC. Another roadblock. :(

I'm trying to tap into my HELOC but hitting a road block with the banks not wanting to consider my rental income, since I just started renting last year (October). I have been told I have to have my rentals for a min of 2 years and another said the income would only count if it was on my 2017 tax returns.

Any Ideas?

thanks @James E.!

I have a property that I want to leverage in 6 months to help me buy my next property. If I were to pull out 80% of what its worth, it causes my ROI to go up, but brings my cash flow down. I like to keep my cash flow on my properties above $200 month. After running calculations, my cash flow will come down to $150. Does it make sense to access the funds to buy another property even though it brings my first properties cash flow down?

Just wanted to check in to see how you are doing. Im in your shoes with a small marketing budget and not seeing very good results. How long did it take for you to get your first deal?

When using a 1031 Exchange, do you have to replace the actual amount of real estate value into another property or is it just the gain that you need to transfer to the new property?

Example: I bought a $200k SFH as a primary residence. After 6 months I used a HELOC to leverage the property to buy another rental property. After 1 year the home was turned into a rental property. The home was bought using a standard 30 year mortgage.

Home value: $300k

Mortgage balance at sale $120k. 

HELOC balance is $20k

Realtor Fee: $19,500

I walk away with $140,500. 

So do I need to roll the $140,500 into another SFH rental or do I need to roll the value of the original property $300k?

Thank you!

@Andrew Postell My husband and I have good credit, but wanted to try a creative strategy. We are trying to purchase multiple properties this year, but will have slumps through the year where we wont have 20% for the down on each property, so we thought this would be a good option to get around that problem and still hit our goal. I was thinking we could refinance out of the initial loan after we have hit the 80% LTV so we won't have to put any money down at that point. @Grant Rothenburger The seller would like us to present an offer with all of the terms. Do you really think it's possible to do no money down? I would think there has to be some incentive for the seller. They could easily list the property but if they sell to us then it will close out quicker.