All Forum Posts by: Patrick Crehan

Today, I started building a privacy fence at one of my properties. The properties in the subdivision are quite snug together and on the auditor site and deed it shows that the property line splits right up my neighbors driveway.

I had just finished digging the holes when the neighbor drives up and states, “did you get the property line surveyed for what you’re doing?”

I reply “well no, but the auditor site shows the line running up next to the driveway and so does the deed”

She replies “I am pretty sure you are about 1 foot into my property. Property lines typically run 2 feet off the driveway. When I go to sell the house, and your fence is 1-2 feet into my property, this could be an issue and I would have you take it up.”

I start thinking... what!?

Long story short, she states that I will have to hire a land surveyor to come by and mark the corners and boundaries to make sure I am not encroaching 1 foot onto her property. This will cost me about $750.

My question is, are there any other ways around hiring a land surveyor for a measly 1 foot of disputed property line? Do I even have to hire a land surveyor for this type of situation?

I live in cincinnati, Oh if this helps. Thanks guys

Pat

@Eric Geiger

Hey Eric, just an update. PNC bank is now working with me on a 50k heloc. You can do one heloc on either vacation home or second home (my second home is my rental). They also offer a “lock in rate” so if you draw 25k out and lock in their rate (which was 4.5% when i talked with them) then you would be paying that same rate for like 20-30 years whatever they offer. Pretty nice

@Gerard Aliberti

I would shoot for like 400-700 a door. On larger complexes, more like 300-500. I have read about the $100 dollar a door rule of thumb, but realistically that is just too low.

@Justin Phillips

Sweet! Thank you Justin

@Evan Polaski

It is in my name. Huntington was the first place I tried, but because of COVID they are not offering HELOCS on investment properties at the moment. Bummer

I have been able to find a credit union that will do a 28k HELOC on my investment property.. As far as investing, I have a couple of strategies in mind that involve either buy and flip (which I don't think I have enough capital for) or buy and hold (which I am leaning toward). I have been tossing around the idea that I could maybe purchase two properties with 28k, but then the down deposits would need to be like <5% which may leave me wiggle room to make minor updates and keep reserves (but the properties have to be just right). I assume the minimum payment (for the HELOC) a month won't eat much into my cash flow (if I buy and hold) if the draw period is 10 years, unless there is something I am missing.

Question: Have any of you used a HELOC close to 30K for investing? If so, what was your strategy?

**Also, could someone brief me on payments (a month) I would be looking at if my interest is 4.7% and the draw period is 10 years? Is it like a credit card, where the minimum payments stay the same every month (until the balloon payment)? This could help me better determine my buy and hold strategy.   

THANKS

@Eric Geiger I've been working with Penfed credit union as of a few days ago. They are doing a heloc on my investment prop with a %4.75 and I think a 10 year draw period. They said you can only have no more than 3 investment props in your portfolio

@Joe Splitrock

Thank you I will keep looking indeed. My plan b is simply save the cash flow for the next investment like you stated.

Ok, so long story short. I bought a single-family property and lived in it for a couple of years and I spent money and time fixing it up so I could transform it into a rental, which I successfully did. Before I moved out and bought my new property (which is my primary now), I refinanced the rental at a 2.6% which dropped my mortgage some so I could cash flow more substantially on the property (cash flow is $758 currently). The property was appraised at 124k and the mortgage left is 67k. I am kicking myself now because I realized that I probably should have done a HELOC on that property that I moved out of (that is now the rental). Now, I am sitting in my primary residence that doesn't have enough equity for a HELOC (even after minor updates) and I am learning after calling about 25 credit unions that it is not typical for them to offer HELOC for investment properties (there were a couple that said they would, but the stipulations were too much for my liking).

Overview: My investment property cash flows well. The last appraisal was 124K with a 67k mortgage. Cash flow=$758

My primary residence does not have enough equity for a HELOC

The reason that I want to get a HELOC is to acquire another investment property (but this avenue is looking weak)

The problem: I can't get the HELOC on the investment property.. or at least I don't know how to. Although I am open to other finance strategies that involve strong leveraging.

My question: If you were in my situation and wanted to move forward with acquiring a single-family investment property in the near future, how would you go about it? Are there HELOC options?

Location: Cincinnati OH


 
   

@Marsha Rost

Hi, I just bought a property that had all pink and blue tile in the bathroom. Home depot sells acrylic tile paint for like $50 a can. I had to buy about 4-5 cans to repaint the bathroom. Overall, it turned out really nice. We used white paint, because that was all that was offered at hd and I would recommend one thing: don’t paint your floor white. It shows everything. Put like a cheap vinyl floor down. Also, make sure you have a fan and an open window because the stuff is extremely potent. You may lose a couple brain cells while painting. Other than that, was very impressed by the way it came out, from the walls to the tub.