All Forum Posts by: Chan K.

@Frantz Joseph No rush ... thank you for your help and time! You have a good weekend.

@Dustin Lavender that makes sense... thanks 

@Frantz Joseph I am around the Mass area. Will there be an issue? I just did a friend request to you through BP, so I can get more information.

@Frantz Joseph thanks for the reference. I scanned through both lenders' site quickly, and they do offer pretty high LTV. Not sure if it is reflecting just 1-2 units as they are vague about it on their website. I might have to call them and check it out for clarification.

@Harjeet Bhatti That is corret .. 70% LTV is the max. I think from a conventional stand point, that is the max limit per the fannie mae guideline.

@Dustin Lavender Not sure what is the name of the loan you are referring to. I worked with one of the local lenders in the past. He can collateral my building, but he won't cover all the down payment for the new purchase. I need me to have skin in the game. Typically he required that I put in 10% , and use additional 10-15% from existing property. All and all, it is a total of 20-25% down payment for the new purchase.  

Usually, I take out money for re-investment or new purchase. With buy/hold, capital is drying up pretty quickly. It usually takes sometime to accumulate more from W2 and minimal left over cash flow for growth investment.

Hi @Troy Luster, @Thomas Hickey, @Harjeet Bhatti

Thank you for your feedback. 

So I have been talking to a few lenders around my area. Look like HELOC has such a high interest rate and it is variable. It is more ideal for a flipper. I don't know how well it would work for buy/hold investor.

One lender required me to roll over my old mortgage, and would base the HELOC on the new sum... I was laughing (yeah right ...) Just the interest only, it is 40% in addition to my current mortgage. The lady was pushing to have me take or consider that product. I told her to slow down and re-assess what she is offering me.

So far, the refinance cash out seems very desirable for me. It is just another mortgage and a few hundred dollars more, and my cash flow will be able to handle it nicely. For the refinance cash out, all the lenders I talked to can only go up to 70% LTV. As far as the value of the house is based on the appraisal which has different approximation from different lender. For this 4-unit, I have it under my name with large liability insurance. This is the first investment property I did..

Overall, I am just curious what other creative ideas that people are doing to get money out from their current holding. I have other buildings on stand by and ready to do similar thing (get cash out for further investment), but they are all 6-unit buildings.

Hello BiggerPockets,

I bought a 4-unit investment property a few years back in the Massachusetts market. Since then it has gone up in value a bit. I want to see if anyone has any opinion on what is the best way to cash out/pull money.  I have been brainstorming on refinance cash out, 2nd mortgage, ... ect. What is your thought??

Thanks 

@Silvia Barber I read through your reference link. Pretty much the two exceptions that could not be denied are airplane and rental property. In a way, any doctor can pretty much write off the ESA note to a patient. Landlord can't denied the residents by law with the ESA note. 

As per my reference from mass.gov

Also landlord can't ask for any document or proof ... we can only ask 2 questions

 you are allowed to ask (1) if it is a service animal required because of a disability, or (2) what tasks the animal performs. You cannot ask for documentation or certification that it is a service animal. Currently, there is no state or national certification available for service animals so businesses are not permitted to inquire if the animal is licensed or certified or whether the animal has identification papers.

1) They would answer "yest", then landlord can't ask details about disability, because it is a medical situation and confidential

2) The tasks are  a, b, and c.. 

So really the law is stacked against landlord... the dog is in.

For my situation, I am having the constable sends them 30 days notice to quit tomorrow anyway.  It would be a good experience to battle this out at court.

@John Thedford Thanks for the clarification... found this article on mass.gov 

http://www.mass.gov/ago/consumer-resources/your-ri...

@Thomas S. @John Thedford Thanks guy ... these are all good point. Thomas, I was going to wait until my limit to evacuate the dog be expired by end of this week. After reading this post, I think I will reach out to my constable immediately once I got home.

John, good call on the insurance incurred cost ... I can also jack up the rent as we don't have any rent control in MA. I hate to go that route... I told them they should have look for other unit out there that allows dog... I was so upfront with them.

This is very unfortunate that it had to come down to this.

@Andrew B. thanks for the recommendation. I guess I will search around as no one ever slipped this in on me like that in the past. I will definitely get a lawyer to represent me at court once the 30 days notice to quit expired. Will see how this will pane out .... 

Hello Everyone, 

I have a situation where tenants moved in without a dog. 

In the ads and when they signed the month-month lease (also in the lease paperwork), I told them that no dog is allowed in the building. 

Lately, they have been bringing a very big dog around, and we have been given them timeline to get ride of the dog. This morning I got a surprise text stating that "my wife is really sick, and she needs a service dog ... we will get you proper paperwork for the dog from the doctor". They just moved in about 2-3 months ago ... I feel like that they are slipping this in. They also live in the second floor with a very big dog (one of my long term tenants complaint about it) .... any suggestion on how to get around this [I don't want to have dog and don't want to loss my nice long term tenant]? I was thinking about issuing the people with dog 30 days notice to quit.... any thought ??