All Forum Posts by: Phyllis Kelly

Quote from @Mary Ainsworth:

Hi @Phyllis Kelly! Wanted to reach out and share my specs, I sent you my email too in case you'd like me to give you a quote on a specific deal 

 Hi Mary - I sent you an email, thanks!

 Thank you! Any personal experience?

Hi Scott - Looking for assistance buying another multifamily. Thanks!

Hello-

I'm looking for hard money lender recommendations, preferably direct experience. There are so many out there it's tough to know where to start. We invest in the Northern Kentucky area. Thanks in advance! 

Phyllis

@Stacy Raskin

I appreciate the info. The property is currently rented, month to month. We plan to vacate the renters and fix the inside. We also need to pay back a friend who helped us fund this purchase. The property was bought for $75,000. Current value is probably close to $100k, and we finish renovating will be at very least $200k.

We inherited the tenants. It's currently being rented as a single family for below market rent ($850/month). We wish to make repairs and rent it as a duplex once again. The property will have to be vacant for a short time to accomplish this. Should we attempt to acquire a DSCR loan before we vacate the tenants?

@Chris Seveney

I didn't realize a first mortgage was an option on a property I already own, thanks. 

Hello everyone, we will be looking to acquire a HELOC on a duplex owned by our LLC, NOO. We paid cash for this property - no mortgage. We have been working on updating the outside and now need funds to keep going on the interior. Would like to know if others have experience with this and if there are recommendations on lenders to work with.

TIA for all the advice and opinions, this forum is always so helpful.

I am wondering about acquiring additional loans going forward. I purchased my first rental property (duplex) in October of 2021. It was a house hack- I lived in one unit for a year and am now out. There were a lot of expenses for repairs and remodeling that I wrote off in my own personal taxes in 2021 and 2022. So much so that my AGI for 2022 was only $30,000. 

I'd like to apply for another loan this winter. My question is, will lenders mainly be looking at my total income, or will they be looking at my AGI from 2022 tax return? I'm wondering if that hurt my lending worthiness to write off all those expenses.