All Forum Posts by: Patrick Brodeur

What about a HELOC

I bought a 4 plex in march, at 4% have done a significant amount of work: new roof, new ac/heater in one unit, and completely redid a whole unit. Is it worth getting reappraised now? would this plus the increase in the market give me a decent amount of equity? i put down 20% and dont know what the next best move is. Please help!

From 700 to 800

Just did it, he had no issue whatsoever.

I have a tenant that is month to month, i bought the property march 11th and would like to increase the rent. He is currently paying 700 for a 1 bedroom. The average price of a one bedroom in the neighbored is about 950. Would it be reasonable to raise the rent to 100. He has been there 10 years and has never had a rent increase.

I am supposed to close on my first property(quad) next wednesday, but the FHA just came back and said that 75% of their evaluation of rents doesn't cover the mortgage. I am buying the place for 330000, and each unit was comped at 800 each, three one bedrooms and one two bedrooms. They had each at 800 what doesn't make sense. My guy told me I would need to get down to 200K for those numbers to work. Does anyone have experience fighting this, or finding a way around it.

@Patrick Moore how long did it take you to get to 80%. That’s my goal as well, and I got the biggest possible place I could with the fha, and was shocked my bid got accepted. I had to waive the inspection repairs.

I am in the middle of buying my first rental. It is a 4plex with 3 1 bedrooms and 1 2 bedroom. All rents are currently 700 with the hope in the future to getting them up to 900 and 1100. Is it wise to buy this place fha 3.5 percent down and have to spend around 600 of my own a month on the front end. With it in mind that I will get rid of Pmi and raise rents in the future.

@Darius Ogloza yeah, what makes it look good to you?

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