All Forum Posts by: Account Closed

@Brent Coombs, good question/point about the 70% mark. Across the three houses, roughly $80k would fall under the 70% LTV cutoff. Thanks for the suggestion on the Delayed Financing Exception. I just read up on it and it is exactly what I am looking for. I'll let you all know what I find out.

Hello all, I am looking for two financing options. First is a cash-out refinance of a rental duplex I just purchased for cash. The plan is to do a moderate rehab and then get a 30-year mortgage. Most banks seem to want a 6-month seasoning period before they will finance it. Does anyone have a recommendation for a bank that will do it sooner? Second, I would like to get a HELOC on an investment property. So far I have not found a bank who will even consider it. I have heard of commercial lenders doing a line of credit using multiple investments as collateral. I have three different properties that each have ~$50k in equity. Ideally I could pool these together to get one large HELOC. Does anyone have experience with this?

Tom,

Here's a quick summary of my buy-and-hold properties in Pittsburgh, which might help you get a better idea of the market. Keep in mind there was A LOT of sweat equity that went into most of these. 

SFR purchased in 2008 (as a house hack) for $110k+ 10k renovations; rents for 1550

Duplex purchased in 2010 for 65k + 15k in renovations; rented for 1300 when I bought it but rents are now $1750

SRF purchased 2012 for 44k + 20k in renovations; rents for $1025.

Duplex purchased in 2016 for 70k (no renovations) rents for $1125.

My personal advice is to not partner with someone unless you have to. Cash flow on a SFR or small multi-unit is going to be pretty minimal if you split if 50/50.

I personally wouldn't be scared off by the wall anchors. If they were installed 15+ years ago and there is no sign of further movement, I expect they are doing their job. The home inspector I use in Pittsburgh is a structural engineer (Russ at Three Rivers Inspection)... if he told me it was okay, I would go for it. 

I personally wouldn't be scared off by the wall anchors. If they were installed 15+ years ago and there is no sign of further movement, I expect they are doing their job. The home inspector I use in Pittsburgh is a structural engineer (Russ at Three Rivers Inspection)... if he told me it was okay, I would go for it.