All Forum Posts by: Sagnik Lahiri

By gold mile...I mean gold mine!

Hi Ariel. I would pass on this one! For that amt of mortgage, I'm guessing the price is around $130K?

If you're in San Diego, you can get places in Poway or places north of SD between OC and SD.

If you're looking all the way in Visalia, why not look at the inland empire of LA? The 909 can be a gold mile...

My lowest FICO has sunk to 612 due to my first rehab and subsequent use of the HELOC($50k) to do the renovations. As I'm trying to REFI, I've been told my experian FICO is 620. My heloc balance is down to 46k. All banks that I've gone to have used the Experian score.

Any suggestions on how to raise my FICO? Should I beg/borrow/steal to pay off the HELOC balance to less than 50% of the limit?

I have no other debts or collections on my credit report.

Any guidance would be greatly appreciated.

As always, thanks in advance for your time.

Vikram,

Actually in this case here the numbers:

90K acquisition - Paid cash
50K renovation - Used HELOC
Duplex - 2 houses 1 lot
House 1: 1100 per month 1bed/1ba
House 2: 1900 per month 4 bed/1ba
(rented room by room to college students)
Expenses monthly: Approximately $850 per month - including interest only payment of HELOC

Currently looking to refinance into a 30 yr fixed...

It's in the City of Oakland...which quite frankly is a GOLD MINE for the right type of investor.

Any feedback Steve?

Hi there!

I just joined BP and I'm so glad to find this resource. I wish I had found it a few months ago!

I just completed my 1st property. It has decent cash flow but I'm trying to find new capital to get started on the next one.

I'd love to hear any tips and general advice from you all. For those of you that have multiple properties, how did you go from your 1st property to the 2nd?

Thanks in advance!

Thanks for the response guys.

Truth be told - I actually completed the deal a few months ago. It was my first purchase and boy was it a lesson. I was curious to see what professionals thought about the deal, having found this website few hours ago.

I borrowed 50K from my parents HELOC and paid $40k out of my personal savings, after which I literally had no money. Upon purchase, after 4 months I refinanced into a HELOC but my loan amount was 55k.

I used that 55K to rehab the entire property. House 1 rented for 1120/month in Jan and House 2 rented two months ago.

I had to rent out house 2 room by room to college students, to get the right rents. The property was recently appraised for 160K.

Now, I'm trying to refinance into a mortgage but I'm quickly realizing that my tapped out HELOC has adversely affected my FICO, so I'm kind of stuck.

These sorts of deals are not out of the ordinary. They are in the city of Oakland. Despite the high crime rate, there are pockets in the west side of the city that has great areas.

If anyone has any interest about the area or partnering up - I'm very anxious to start on my next deal.

As always, any advice is greatly appreciated and sought!

Thanks in advance.

Acquisition cost: $90,000
Rehab: $50,000.00

Projected Rents: $3000.00 per month

2 houses , 1 lot;
House 1: 1 bed/1bath 800 sq feet Market rent: 1100/month
House 2: 4 bed/1 bath 1400 square feet $1900/month

I think it's a deal...but I may be an idiot.

What do you all think?

Thanks in advance!

Hi everyone. I recently purchased a property for $90K got a HELOC and spent it on rehabbing it. Now, my HELOC is tapped out, my FICO is doing down but the property is bringing in $2400/month and has been appraised at $155K. It's a multifamily property (duplex).

Should I refinance for another HELOC for about 100K or get a 30 year fixed?

Since my HELOC has been tapped, my FICO has dropped from 710 to 630. Because of this fluctuation, I haven't been able to get another property, since I can't qualify.

Any advice would be greatly appreciated. Thanks in advance for your time.