All Forum Posts by: Murali Jesudoss

We have about 17 rentals in Ocala and has been a huge success for us. We got them right in time during the 2021 and got quite good deals. It's different market now and I am slowly getting back to explore to see if we can still cashflow in the new price. For a 3/2/1 of 1200 sq ft, you can easily rent it for 1650 which is what I did last week for a lease break out and had a tenant move in 3 days after the vacancy. Lease was signed before. So depending on how much you pay for it, you can assess your cashflow.

For anyone looking, TD bank provides HELOC on rentals but they have a requirement not to have more than 4 mortgages from the borrower for such loans. So it does not work for me but maybe for someone else out there. They have $99 origination fee and may offer good LTV and terms too.

 Oh ok. Thanks @Kerry Baird. I already tried them and they were really low balling it with higher rates.
@Kimberly Elson: Spoke to them and they no longer offer the HELOC option in FL now due to the bank that was offering had some merger and they shutdown this program. 

Looks like local credit unions are the best bet now and a portfolio HELOC does not seem to be an option at this time.

 Thanks @Kimberly Elson, looked interesting. I sent an inquiry.

 Thanks @Kerry Baird. Not eligible to open NFCU. Called CCU of FL and they have it only for certain counties which I do not live in but there may be a work around. They provide 75% LTV for investment properties with 1200 or so closing cost (for 50K loan as an example with inclusive of $500 appraisal fee). Calling TD tomorrow and they seem to offer for investment properties too with closing costs. Fingers crossed.

Who is Fintech? Lot of generic fintech companies shows up and able to find a lender. 

All these might end up with DTI ratio depending on how they treat my rental income. They also consider the HELOCs as a debt even without money being pulled out. Let's see how that works out.

Hello All,

I am trying to get HELOC on my rental properties with second lien using my equity from the properties to invest somewhere else. I have done couple using Signature Credit union and they check the income and consider the current HELOC as liability even without taking any money from them. So I cannot possibly take anymore from them. Anyone has experience with getting HELOC on multiple rental properties? I have 6-7 properties that may have about 80-100K per property and trying to cashout for another adventure. Many hard money lenders only do the fix and flip or bridge loans and I do not see anyone offering HELOC for portfolio.

Any suggestions on how to cash out these equities? Has anyone gone this route to cashout multiple properties? Please share your thoughts or stories.

Properties are in Ocala, FL.

Hi BPers,

I have been reasonably good with rentals in Ocala. I have 4 properties listed for rent in the area where I got 3rd call from a STR company who would like to lease my homes like a 12 month lease, but they would do STR and manage the properties.

These areas do not have any HOA or STR limitations and I never was into STR. But the offers make more sense as for STR company, it might be easier to rent than investing in high priced homes but still make money for their STR operations.

I am always skeptical in too good to be true kind of dealings. So anyone has any experience in renting it to such a company or is it just a scam? Anyone with their experience, pros/cons and wisdom on these could share, I would really appreciate it.

Hello All,

Hope all s well with market cooling down. Started as newbie last year and have 20+ properties and I thought I had seen everything with break in, squatter, eviction, etc.. but of course not! 

I have a tenant in FL who did not pay rent for 3+ months and went through eviction and I have changed the locks and access to the property. However, the tenant (both husband and wife) ghosted and their mobile no no longer works and their email bounces too. They were doing cleaning business and I have no access to their employer to find them. Issue is that they have all their stuffs inside the home(Tvs, furniture, etc). My attorney told me to throw them out and move on but I cannot keep it in the yard as I won't be able to rent with all the trash in the front and the city wont allow it too. Or should I just keep it outside for a day and then clear out trash calling someone? Or should I keep the stuffs in storage for a month and then discard if they don't reach me?

I am just trying to be generous not to dump their stuff too but also want to be vary of the issues if I keep the stuffs for too long. Any advise is much appreciated.