All Forum Posts by: Chuck Klinger

@Carson Bankord

I also have a rental property that I own free and clear. Can you get HELOC from an investment property or do they only apply to your primary residence?

I am looking to fund my 2nd rental property as well. I have plenty of equity in my primary residence so I figure that is an option. I contacted my primary residence lender, which is Rocket Mortgage and said that they do not do HELOC but would cash out refinance. I do not want to cash out refinance because. My overall interest rate in my home would be higher. I would like to keep my loan with Rocket Mortgage and get a separate equity loan from my primary residence. If that is not possible I am thinking transfer my 401k balance from my day job to my solo 401k and have my LLC borrow from it. Also, I guess it would be which source would have the better interest to get the cash-flow. By the way, what does STR stand for. I thought single family rental was SFR?

Does anyone know the pros and cons of using CI PIN vs REI/Kit software? Just wondering because I am thinking of trying REI/Kit and I am using CI PIN right now.

Get a real estate attorney that does Quiet Titles research.  A quiet title will seek out any liens or judgements.  The attorney or company that does the quiet title will send out notifications letters and/or publishes notices in local newspapers to possible title interest such as heirs or past liens etc..    Once the title quieted, you will get a warrantee Deed from the title company.  You can then sell it or get loans on the property.  Another option is to sell it "as is".

Is usually hard to rent or sell a property accross the street from a cemetary?

@Syed H. You can readjust your vacancy from the evictions in process and see if it affects your offer. Also, during the financial due diligence you should compare the sellers T12 numbers with bank statements and the rents listed on the lease.

@Bruce Arellano because most likely a conventional lender will not lend on a property that needs a lot of renovation. You can also get your initial funding from your 401K or equity loan from your own home if it has equity. Once it is rehabed and rented then you can out refinance. You would then have cash to purchase your next property.

How would I analyze a portfolio of properties? They are a mix of duplexes and single familys total thirty some units. Would I treat it like a multifamily property and analyze the portfolio or analyze each property single family and duplexes. They are being sold as a group portfolio.

@Erica Hatfield If you are BRRRRing then you would most likely use hard or private money to get started then refinance and reinvest in the next property. First property you would need some money for down payment unless the hard or private lender will do a 100% loan. After that you would not have to use hard money anymore. I am guessing that is what you mean by stacking. There are plenty of finance companies that lend to LLC'S on rental properties.

@Joel Gierbolini. It is true, that most banks don't like to lend on properties under 100K. I was trying to refinance one of my properties that apraised 72K. One lender told me if I combined with other properties they would do it. Like a portfolio loan. Lower price houses they will lend to owner occupied.