All Forum Posts by: Nicholas D.

@Jeffrey Blackman is this specific to Chicago only? I have some small multifamily properties that I am looking to access the equity in. I'm located south of Boston.

@Jonathan Klemm I would be interested in that list as well if possible. 

Appreciate all the help!

@Sharon Porter What specific part of TX? I have family in Houston, Dallas, and the Valley, I was networking with brokers in San Antonio, but the Taxes seem to be quite high as well in that State, although much favorable laws/regs on the landlord side. I have been narrowing down some markets and trying to explore/research more and network. I've looked into Columbus, Memphis, San Antonio, and Indianapolis so far. I am in the same boat of either 1031 exchange or refi some of my small multi's to purchase a larger complex.

@Eric Gerakos In theory that's the plan. The 23 doors are only spread over 4 properties. I have over 1 million in equity....doing nothing, in just three alone. I am looking at 1031 possibly or just fixed refi/or use my heloc for the time being on a value add for a building 10-40 units (market dependent on price). These properties are already pretty maxed out, I would much rather deploy the equity so I can work on the appreciation and getting the most out of a new larger building then still have the same four properties 20 years down the road. Hence the idea of a couple more properties, however, with much more units than I currently have per building. 

Hello,

I am a real estate investor located to Southeast MA, I own and manage a small portfolio of 23 units and am looking to expand and scale out of state as the returns and market have been quite difficult in my area: due to CAP Rates, specific building class I am looking to invest in, and rising interest rates/minimal inventory, as well as it would be nicer to be diversified and in a more landlord friendly state. I have been consuming as much education/reading regarding out of state investing as I can as well as literature regarding buying larger buildings (not quite the syndication level) although I have been reading that material as well to digest. I am looking to connect with local (to myself) investors who have made the leap out of state.

Anyone? lol

Hello all,

I have some land that I have owned for some time in South Texas. I live and invest in Southeastern MA at this moment, but have the majority of my family located in Texas (some right next to the vacant property that I have). They constantly tell me about RV storage parks for those who travel seasonally to South Padre etc. My investments are made up of small multifamily properties so I don't have much information and knowledge when it comes to this strategy. I am looking to connect with any investors that are familiar with this or have experience with this specifically in the South TX market.

Thank you for your help!

@Joe Rodriguez thank you for the guidance. I will give TD a check out. I attempted with Baycoast, but they told me things have changed and they are not currently offering any HELOCS residential wise on non-owner occupied multis

@Joseph Chiofalo I would be interested in taking a look at some of these products. If 80% CLTV is achievable I would be looking at lines of credit around 400+k, 300+k, and another 300+k. Most around my area and the ones I've been calling will only offer 70% occasionally 75% for investment properties and again these may be subject to commercial terms and rates with shorter draw periods.

@Gino Barbaro I have contacted a couple of mortgage brokers the only products they are offering are actually worst terms than commercial HELOC options with rates around 10.5, where with the residential I am currently getting right around prime rate. I will look into Atlantic Capital. Thank you for the help!

Long story short, I have 3 properties in my own personal name: Small multi-family properties (a 4 unit and detached garage bank, another 4 unit, and a 3 unit) that I had residential HELOCs on in the second position, with a fixed residential in the first position. I also own a larger 12 unit held in LLC. The three in personal name have increased substantially in equity, I was going to tap the equity and reappraise etc looking at 4-500k of additional equity, these currently have separate notes in the 1st position of 3.35 30yr fixed. Of course the bank says "no problem", I start the process etc, then after credit pull and everything state "thing's have changed and you cannot own more than 3 investment properties" so now I'm at a standstill and they want to push me to commercial side, which in this case is requiring them to take my first and have to refi the balance and lose my rate and then tap a HELOC afterwards at commercial terms. Does anyone have experience with a bank or credit union that is offering Helocs in 2nd position on small multifamily investment properties without goin the commercial route etc... I'm located in Massachusetts, but not limited to that area. Any and all guidance is appreciated.

Long story short, I have 3 properties in my own personal name: Small multi-family properties (a 4 unit and detached garage bank, another 4 unit, and a 3 unit) that I had residential HELOCs on in the second position, with a fixed residential in the first position. I also own a larger 12 unit held in LLC. The three in personal name have increased substantially in equity, I was going to tap the equity and reappraise etc looking at 4-500k of additional equity, these currently have separate notes in the 1st position of 3.35 30yr fixed. Of course the bank says "no problem", I start the process etc, then after credit pull and everything state "thing's have changed and you cannot own more than 3 investment properties" so now I'm at a standstill and they want to push me to commercial side, which in this case is requiring them to take my first and have to refi the balance and lose my rate and then tap a HELOC afterwards at commercial terms. Does anyone have experience with a bank or credit union that is offering Helocs in 2nd position on small multifamily investment properties without goin the commercial route etc... I'm located in Massachusetts, but not limited to that area. Any and all guidance is appreciated.