All Forum Posts by: Mark Ross

Yes, HELOC was where I started originally and was told that it's not possible. I don't understand how I apparently seeem to be the only person that is being told no for an investment in a condo.

During covid, the only option to win a bid was a cash offer. I bought a condo for $136k and rehabbed it, the last property that sold in my building sold for $190k. I have been trying to cash out so I can get another property while continuing to rent this one out.

I keep running into issues of getting a mortgage or any option to pull out my cash. I have been told from lender to lender that getting a mortgagee on a rental property is almost impossible unleess my credit is perfect. (I have a score in the 700s.) Have any of you run into a similar issue, if so how to navigate other than just selling it?

I have my first rental property I purchased in November 2021. I fixed the property up and was able to get the highest rent in the entire building at $1375 a month. I purchased the property for $135k cash, however now that I am looking to pull some funds out I am having trouble with doing the calculation to see if it makes sense for ROI.

Since my property has only been rented out for less than a year, I was told they can only go off the market price of when I purchased it instead of what it's currently valued at. My question is do I include the closing cost when using the rental property calculator or do I need to include that money somewhere else? Any assistance on how some of you handle the calculator tools when it comes to cash out refi's would be greatly appreciated!

I purchased my first rental property this year (condo) due to market conditions I had to close quickly with an all cash offer. I fixed the property up for long term rentals which has been rented out. Would It be better to leave the deal with no mortgage or should I go take a mortgage out of the property now to pull some cash out to get a second property? What type of loan should I look to get on the rental property if getting a mortgage would be the smarter way to go?