All Forum Posts by: Quan Booker

@Chris Demello

Good ideal.  I've used a similar approach years back to help out a fellow investor friend of mine.  Unfortunately, I don't have that luxury today of people who have enough funds available to help me out in my situation.

@David David

I am not trying to do that.  I just have a lot of equity in my home from the improvements and I would like to pull that equity out and pay off the personal loan I used to help with the remodel.  I went for one refinance and they told me the loan made my debt/income ration too high.  I thought I would ask my questions before I seek out another lender to see what people on here would suggest.   I will just try to refinance through another lender that possibly has more experience with investors.

@Nicolas Covington

The property is located in Brookfield, Wisconsin.

I purchased a duplex for 165k 2 years ago. Remodeled kitchen and bathroom along with adding a garage and now it's worth 250k.  I ended up using some personal loans to accomplish some of this.  I planned on refinancing/heloc to pull the money out to pay off the loans and put down on my next property.  The problem I have is my debt/income ratio is too high because of the loans I heard from one lender. I just want to pay off the loans with equity.  Not sure how to proceed besides slowly paying down my personal loans until I can get a refinance/heloc.  Any suggestions?

I already have confirmation from the city board for building on the side yard and my green space minimum has been met and then some.  I'm past all that...I am in the finding a builder faze.

I am preparing to have a garage built next to my duplex.  There has never been a garage here, but there is more than enough room with my lot being almost an acre.  Does anyone have any recommendations/suggestions for builders?  The detached garage will have electricals running to it from the duplex.  One tenant apt electricals powers the common hallways and a majority of the basement.  I was wondering, isn't it fair in this case for the electricals of the garage to be connected to the other tenant?  Thanks!

I live in my duplex and it has wooden exterior doors that are close to 20 years old along with storm doors that need replacing pretty bad especially with winter in Wisconsin upon us soon. My door sizes are standard.  I received several quotes and I am leaning towards some steel doors form Provia.  So for 2 exterior doors and 2 storm doors with installation and a pretty good warranty for $5600.  I was wondering how this price looks for people who have gotten similar services done.    

No he doesn't own it outright.  He owes a little over 90k on the property.  I was thinking about seller finance but since he didn't own it outright I didn't think he could so I didn't ask him.  

Haven't thought about going into a partnership with the other tenant.  Doesn't seem like too bad of an ideal but definitely not something I had in mind for my first property.

Yeah I have tried Credit Unions. No I don't have 20%. I have closer to 5%. I have assumed the lenders I went to tried FHA.