All Forum Posts by: Lee Mast

Really appreciate the insite everyone. I have the two units listed on Cozy... hopefully will get them filled soon. The good news is I did find a lender that will give me a HELOC up to 80% LTV on my Triplex! That seems to be a rare occurence these days.

 Mike, thanks for your thoughts. This was a completely new concept to me before @Herb Dorn mentioned it to me. Thank you Herb! Still lots of questions but I will reach out to a NY CPA and continue my search online for more education on this. 

-Lee

Michael, Thanks for that insite... I have found a couple banks now that will do 80% LTV so maybe I will use that as leverage on my local bank. No reason they shouldn't... I only own one property, have no other debt and a great credit score. Negotiate!!!

I have a problem ... I have too many leads and not enough knowledge/experience or money to make it happen!!! 

Okay Explain! I reached out to an older couple in my home town who are land lords. I rented from them years ago and I knew they are at retirement age so I thought maybe they would be ready to sell. They are. I have a list of about 20 properties right now (and there's more) that they want to unload in the next 5 years. I was chatting with @Herb Dorn about this and he suggested I consider a Lease Option with Step up in Bases approach as one angle I believe to help them save on Capital Gains tax. 

Has anyone else out in BP Land ever done something like this? Would love to pick your brain! 

I will be doing more google research in my spare time but I thought I would throw this subject out there and see what happens. Would love some feedback. 

 That is a tough spot to be in! I wonder if a private lender would give you money with a lien against the property?

@Craig Jeppesen 15% or 10% on an investment property TriPlex? Can you send me some names of banks I can follow up on? Thanks!

Beautiful rehab by the way! 

Many lenders will do a cash out refi on your duplex at 75% LTV. My concern would be the cost of the money. If your property appraises at 65k, at best, you will get $48,750. Your closing costs are going to be somewhere between $3,700 and $5,500 just to access that money. At 5k closing costs that's about a 10% cost for that money plus the interest rate on the fixed rate loan that will be close to if not more than 5%.

I've looked into this myself recently for my property in New York State trying to access some cash. My choice is to go with a HELOC ... very low closing costs and you will get access to the same money but you only pay interest on it if you use it. I know it's very hard to find a HELOC on an investment property but I've been told that TD Bank will do it. I can PM you the contact info for the person I'm working with if you're interested.

Thanks Matt, will do. The issue I seem to be having is with the TriPlex. Everyone says they can do 80 LTV on single family not Triplex. But ... I am not one to give up!

Hey BP Masters as my title says, I'm about to apply for a Cash out Refi. I unexpectedly had two tenants break the lease and move out. I'm using this opportunity to "freshen up" the apartments and I'm sure they will rent within a week or two but I'm just wondering if having an empty apartment would dock my refi appraisal? 

Thanks in advance!

My previous post got deleted... apparently I worded something wrong that made this look like an advertisement or solicitation so... trying again. Am I on a fruitless search to find 80% LTV for a TriPlex?

Thanks!