All Forum Posts by: Linda Burger

Hi! Thanks for the reply! It's not the 5% that I take issue with, it's that it's for only five years fixed with a penalty to refi. But even that is not super concerning, my whole point in the post was to receive advice on my next steps. Do I take the money out as a HELOC for my next purchase? Do I find a private investor to work with me? Am I positioned for an investor to see me as solid client? I just don't know my next move and I'm looking for some tenured advice. I want to take my equity and really be smart with it - create my wealth.

…Also, can anyone tell me if I’m in a good financial position here? 
my current loan is 102K. The value of my 2/1 duplex is around $225K. i own my primary and have similar equity but have a 45K heloc on that house. I have no other debt. I want to create a passive income stream now that I'm a single empty-nester in a few months. My son is going into the military - as his mother, would i qualify for any military promos? Or could i put him under my LLC for duo military advantages?

Thanks for the quick reply. Do you know if there timeline minimums in WI for requesting a heloc on a commercial loan? Would I max out the amount for a down payment on my next property and then get another commercial loan, but this time as a rehab loan? 

I need some advise please. Quick history - i bought a sf in 08, sold in 22 - used proceeds to buy a duplex at 70% ARV with a commercial lender under my newly acquired LLC. My rate is 5% fixed for 5 years. I have a nice chunk of equity now and not sure what my next steps should be. I want to buy another multi but my loan has 4% penalty of current loan amount if i refi before 5 years loan is up. Do i request the same lender to do a refi cash out? Heloc? Pay the 4% and find a 30 year conventional? Clearly I'M a newer investor and really could use some knowledge. 🙏

In 2022, I sold my SFR I had owned since 2008 (rental since 2016), paid off personal debt, re-invested remaining proceeds in a 2/1 duplex in West Allis WI (fully rented). Bought it for 130K but only had enough for 20% down, plus updates (12K), so had to go with a commercial lender (all residential lenders i inquired with wanted 30% down). I currently have a commercial loan at 5%, as a 5 year balloon. The property's value is 196K, but my lender won't refi or heloc until I've owned it for about 2 years. My cashflow is $857 per month.

I have a primary home that has equity and I currently have a 50K heloc on that property with a zero balance. I wanted it just in case…

My question is  - what’s my best financial move here? Do I wait out the refi time with my commercial lender to buy another? Do I save up my cashflow over the next 2-3 years to buy another? Do I use my primary heloc funds to buy? Do I look for a hard money loan?

Real estate is what excites me. I basically GC'd the entire duplex, didn't use a realtor (i used to be a realtor 20 years ago), set my rents, and found my tenants. Now that it's over, I want to take on another! 🤗 I love the idea of the BRRR method but clearly my lender thinks I'm too new? 🤷‍♀️ I actually don't get that part…

Thanks for reading and your time!

Linda

I've been a landlord of a sfr for 8 years and bought my first duplex in July which I rehabbed in under 2 months and is fully rented now. I've been lucky in finding great tenants and cashflow great! Tomorrow i am faced with an opportunity to write on a sf (3 bed/2bath) foreclosure - my first one! It's not a cash offer though (i know, i know 👎) - I am approved with a commercial loan under my LLC, along with a construction loan. The area safe, is ‘up and coming', and close to my other 3 properties (one is primary). In your bigger pocket language that I've recently learned - it's a C- property in a B area. 😁

Here’s My question - Are there any strategies to the foreclosure offering process? It’s banked owned, under 100k, needs a **** ton of work and so far no offers. The work doesn’t scare me, in fact i love creating something beautiful that most can’t see; I have a vision. But i don’t know the ins and outs of foreclosures and I don’t want to offer too low or too high. I’m a driven, extremely tenacious, competitive woman and love real estate and the process, but this house has me pacing because I feel powerless and will be at the mercy of a banker come tomorrow who doesn’t know me or my tenacity and my desire to improve the fallen homes! Any advice would be great!