All Forum Posts by: Kyle Kendall

Hello all,

I'm about to start working on the kitchens and baths of my two-unit in Newport, RI, does anyone know a good stone worker for counter installations or flooring installer for tile?

Thanks!

I live in Newport and would be interested in attending. Thanks!

Yes, we currently live in the Newport house.

Does the HELOC effect my DTI regardless of the balance? What I'm saying is... Say I went ahead and took out another HELOC on my Newport house and they allowed 90% of the appraised value ($650k), which would qualify me for $135k ($650*0.9=$585k - $450k). Would the hypothetical monthly payments if I cashed out the HELOC be all out be factored into the DTI, or just the amount I would need for a down payment? I'm not exactly sure how they would calculate everything.

I've also seen here people talking about the money from these funds need to be "seasoning" in a checking or similar account for three months before the bank will allow me to use it for a purchase, which would potentially mean I'd be taking out the entire amount. Is that a thing

Hello, first post here. I'm in the military and planning my next move to San Diego and I'm trying to figure out how to position myself to buy another property with very little cash available. I've kind of gotten into the owner-occupied house hacking gamewith 2 properties, here's my current situation:

Current San Diego Condo (too small to move back into): -$200 cash flow a month (on a 15-year mortgage, which I thought was a good idea at the time). $85k equity. Owe $130k, $215k appraised value. $27k HELOC currently with $0 balance.

Newport, RI duplex: +$2000/month cash flow. $200k in equity after intense rehab. Owe $450k, $650k appraised value. No further liens.

Both properties have had tenants for two+ years, so though not ideal, my DTI is ok. Rehab ate up my cash to pay down the HELOC, so I'll have little to use as a down payment when I get to SD.

My problem in the past when applying for mortgages is that the bank wants to see the money needed for closing in an account with all large cash infusions accounted for. They have gone as far as requiring a written letter from my Mom stating that a $1000 wedding gift was not a loan. Is simply having the credit from a HELOC available ok for them?

I'd like to take out another HELOC or home equity loan for the Newport, RI property for my next down payment, with the intent to live in and refurbish before I move again.

Any thoughts about how I can pull it off? Thanks!