All Forum Posts by: Ricardo A Guerra

What is the standard for Pet Deposits in the industry? We have a 2/2 apt that we have maintained well, mainly because we do not permit pets to renters. However, I am thinking of changing to appeal to more renters. Any thoughts?Thanks, RG 

Can anyone recommend a company that can give an insurance quote on rental property? Thanks in Advance, RG

Makes sense, appreciate your response. 

-RG

Has anyone had any experience using a PLOC (personal line of credit) for investing....I cannot use HELOC due to previous cash out and was looking for other options. If so any lender recs would be appreciated . Thank you.

In feb 2022 I refinanced home and took a cash out to pay off some debt. I still have a lot equity in my home but I understand I cannot qualify for HELOC at this time. I was looking at other ways to pay for a light rehab. I had looked into a PLOC. I realized it is unsecured with higher rates.. However, it might be my best option at this point. Anyone have any experience good or bad with PLOC? maybe even recommend a potential PLOC lender. thanks, RG

Thank you, in process of doing. I felt the same way that it was a big difference.

To be brief, we tried to refinance a home in late October 2021. Our appraisal came back in line with market values in the area. For different reasons we could not lock in loan at that time. We are trying to refinance again with a different lender, who got a different appraisal. We just got back value and there is a 200k decrease in value from the appraisal completed in October 2021. The home has not been touched and the properties around us are still selling at market value.

Has anybody experienced or seen this large of a difference? What options are there if you have objective data to support a reconsideration of the value? 

Sorry for late reply. Thanks for comments. The upstairs apartment has been a STR for about 2 years. The downstairs area has never been an STR and is currently used as an game room/office.

Thanks Krista for your response, much appreciated will definitely look into..

Hello, I am trying to refinance a property that was labeled as having 2 ADUs and looking for guidance or strategy.. The property has a 3/2 bungalow and a garage apt 2/2 currently used as an Airbnb. On bottom of garage separate from Airbnb is an office/entertainment space with restroom, fridge, and oven about 400 sq ft. There is no bedroom, nor does it have a closet. I had attempted to refinance and therefor had to get an appraisal during process that labeled this bottom area also as an ADU in addition to ADU Airbnb. Now, bank will not refinance property because they say there are limits to refinancing a property with multiple ADUs. Anyone have any experience with this issue or recommendation on how to discuss with lender that could help? Tks, Ricardo, Newbie investor Houston, TX