All Forum Posts by: Matthew Marcelissen

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Hey, BP!

Do any lenders / brokers know of an 85% LTV program for a 4plex in Texas? I understand it's like a needle in a haystack nowadays but I'm looking. :) Also wondering if there are any programs where the DSCR is 75% LTV and there is a 10% LTV second note.

Property will reach 1.25 ratio with long-term tenants. 

Thanks for your help and happy investing! 

Hello, everyone!

My name is Matt and I'm in Houston, TX. We know that Texas has some pretty annoying HELOC regulation; it is not possible for a HELOC on anything other than a primary.

I'm looking for a lender who offers a line of credit on the equity in rental properties. I thought I found a Texas-based lender who offers an amazing product. It's a line of credit that will pool the equity in up to four rentals. I could use this line of credit to buy and rehab ugly properties before slapping a DSCR on the finished product. But, this lender doesn't respond to emails / calls and I'm leary of moving forward.

If anyone has any lender / product recommendations, I'm all ears!

Thanks,

Matt

What do we think about this article....

https://www.wsj.com/articles/the-u-s-housing-boom-is-coming-to-an-end-starting-in-dallas-1543248073

Here are some updated videos. There is no self-promotion in these videos, so hopefully they stick around:

https://youtu.be/dhfK2lhwOq0

https://youtu.be/RGudwkxF3Yg

https://youtu.be/0YNLm5IXnn4

Here are some updated videos.  There is no self-promotion in these videos, so hopefully they stick around:

https://youtu.be/dhfK2lhwOq0

https://youtu.be/RGudwkxF3Yg

https://youtu.be/0YNLm5IXnn4

Hi there- The house did not flood.  And I'm using a conventional loan for the house with a flip loan to fund the improvements.

Hi Mark- Apologies for the delayed response. For the Houston market, I think $250+ homes work well for flips. The list price was $300k and I paid $275k. I found the deal on MLS after making 12 offers. So this was lucky 13!!

Thanks for the response.  When calculating DOM, it's important to analyze flipped v. non-flipped properties.  The DOM for updated homes is actually quite low, fewer than two weeks.  I'll take some regular pictures of the finish out when I view the property next.

Hi All,

Not sure of the BP policy on cross posting, but I wanted my Houston colleagues to see the progress on my first flip ever!  

https://www.biggerpockets.com/forums/843/topics/606554-houston-tx-diary-of-a-first-flip