All Forum Posts by: Account Closed

Hello all,

Has anyone ever stacked a Hard money loan 80% LTV and a Personal loan 20% LTV and then refinanced the personal loan into a PLOC at a lower rate to avoid PLOC guidelines that state funds can not be used for investment purposes. In this case, technically the funds would be used for debt consolidation since they would be paying off the personal loan with a lower interest rate. If so how was the process?

I ask since I have found a condo where I would like to try this strategy I will only cash flow approximately $50 a month after PITI, HOA, & Reserves, but my CoC would be infinite since I would have no funds invested into the deal. I would also gain control of an asset and be receiving monthly principal paydown and the appreciation of the asset.

Hello all,

Has anyone ever stacked a Hard money loan 80% LTV and a Personal loan 20% LTV and then refinanced the personal loan into a PLOC at a lower rate to avoid PLOC guidelines that state funds can not be used for investment purposes. In this case, technically the funds would be used for debt consolidation since they would be paying off the personal loan with a lower interest rate. If so how was the process?

I ask since I have found a condo where I would like to try this strategy I will only cash flow approximately $50 a month after PITI, HOA, & Reserves, but my CoC would be infinite since I would have no funds invested into the deal. I would also gain control of an asset and be receiving monthly principal paydown and the appreciation of the asset.

Hello, I'm Logan,

I'm currently 20 years old working as a Mortage Administrative Assistant at a local community bank, I live at home still so my cost of living is about $300 a month. My credit score is 740 and my only debt is my student loans that total about $4,000 that are interest-free until 2024 so I'm in no hurry to pay it off. I'm currently sending $25 a week towards my loans. I have about $20,000 currently saved/invested and by the end of next year I'm projected to have anywhere from $40-45,000. I do live in a high cost of living state (MA) and would like to invest in some cheaper markets such as the Mid-West or South-East since this will be my first deal and I don't want to sink all my capital into one deal. I do know long-distance investing can be more challenging than close to home. I would like to invest in multifamily rents under 100k to start and then possibly move onto apartment buildings.  My question is should I wait till the end of 2022 until I have 40-45,000 or should I invest now, also what markets do you recommend I look at?

@Samantha Cash @Nick Rutkowski thank you both for your feedback!!

I was hoping someone could tell me a little about Odgensbury, NY since I'm not from the area. The deal I'm looking at is a 6 bedroom 3 bath 2688sqft triplex. The listing price is 35k with the property needing a new metal roof within 1-3 years.

I was hoping someone could tell me a little about Odgensbury, NY since I'm not from the area. The deal I'm looking at is a 6 bedroom 3 bath 2688sqft triplex. The listing price is 35k with the property needing a new metal roof within 1-3 years. 

I was wondering if anyone could recommend any property management companies that are currently managing properties in or around Berkshire county, MA?

I planning on buying a few condos and using them as rental properties in the Tulsa, OK area. The only problem is I'm located in MA and I was wondering if anyone could recommend a good property manager who is familiar with the area?

Hi all,

So im currently 19 and my goal is to buy my first rental property by the end of 2020. I was wondering if you think it would be best if I use the house hacking method so I only need to put 3-5% down but still live at home leaving one unit vacant for one year then renting it out. Since financial I wouldn't be able to support myself since I'm a full-time college student. Or should I wait and save more so I can put down 20% and rent out all the units. 

Hi,

Im currently 19 years old and was wondering what percent of my weekly paycheck I should be investing versus saving. I’m currently working on building my emergency fund of $1,000 and should complete this by early 2020. I want to buy my first rental property in 2020 but I don’t want to leave my money in a savings account and lose it to inflation so my plan as of right now is save 15% of my weekly paycheck for the rental property and then invest 25% of my paycheck into low volatility high dividend stocks such as $SPHD on the US and International market. Is this plan of action a good one? Or would you recommend something else?

All input is greatly appreciated.