Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Robert Medina

Robert Medina has started 22 posts and replied 41 times.

Thank you for all of your replies. I'll add a few more details and answer some questions. So I do have another place to live so I could start renting out the property. I got my estimated loan amount from my lender. The 515000 home value is an estimate being I haven't had an appraisal since I bought the property a year ago. The appraisal came in at 490000k arv and the comps pulled and increase in home value since a year ago shows the property at around 515000k. The 75k loan amount is an estimate that is probably a little on the low end. I do have another property that is currently being rented out. It was my first purchase and i have had it for almost 3 years. The house doesn't rent for much. It was my first purchase and it wasn't a great deal but it was a great learning experience. I only get $200 a month rental income after mortgage is paid. So as far as dti that property definitely hinders my dti. So now I have 2 mortgages with only the first one showing a small amount of income as long as I don't show a lot of expenses. I originally thought buying properties as primary for a year and then renting them out was going to get me further but I don't make a ton of money at my 9-5 so my dti seems to be maxed out already. Unless I'm doing something wrong. My thought was to tap into equity from the second home and buy another great deal. I can't tap into the first home equity because the LTV isn't there yet and even if it was the $200 a month wouldn't be enough the pay the equity loan payments. But with the second home the $600 in extra rental income is enough to pay towards an equity loan. I have about $4000k left on my car loan and I have some student loans which both of these do have some impact on qualifying for loans. Maybe I should payoff my car loan and that might help my dti. And i have no credit card debt. If I get a renter in the second home and have a lease, can I use that towards DSC right away or do I need to have the renters in for awhile? My plan would be to use the equity loan from the second home to purchase another great deal (3rd home) and use the rental income from the second home to pay towards the equity loan and then start renting out the third home to get rental income and start paying off the mortgage on the 3rd home. My confusion is am I always going to be taking out equity loans to buy something new? Do I need to sell a property at some point so I can just have the cash to put 20% down and renovate so that I'm not having to take out an equity loan? Or do I use the 3rd home equity loan to pay off the 2nd home equity loan and then find a 4th home to use for equity to pay the 3rd home equity loan and so on? Sorry if this post is confusing I'm just trying to figure it all out. Thanks

Thanks for the reply’s. So let’s say I wait another year and rent it out during that time. Is it more difficult to get a loan on a rental property? My concern is with the house that my dti numbers will remove my options for a loan. Are dti numbers different with primary vs rental as far as getting a loan? I know that rental income is considered but not 100 percent of it and is there a certain amount of time renters need to be in to show that I’m good at renting the property?  

Hello I have attempted to brrrr a property recently but didn’t quite go as well as I wanted. So I bought a single family home for 315k that was considered inhabitable. I was able to get a private loan which I used to purchase the house then I used my own money to rehab the house. Once the rehab was done I refinanced out of the private loan into a conventional loan as a primary residence. After all the fees from closing and paying back the interest on the private loan my new loan was at 335k. I had an appraisal done for the refinance and it came back at 515k which seemed pretty good. now I have been in the home for a year so I can start renting it out for a decent amount of money that would pay the mortgage and I would get about 600 in rental income on top of paying the mortgage. I would like to purchase another property so I looked into a heloc and a cash out refinance and it looks like I would qualify for about 75000 max which would be enough to put a down payment on another property and rehab it, but I still haven’t paid myself back from the original property rehab. If I pay myself back I’ll only have about 50k left to buy something which I don’t think is enough. I’m trying to figure out how I can pay myself and buy another property. Do I just pay myself back with a equity loan then start renting out the property while paying off the loan and refinance later? Or pay myself back with a heloc and then refinance out of the heloc later on? Is a second mortgage (heloc) or cash out refinance a better idea? Did I just not do the math right on my purchase? Meaning there needed to be more forced equity? My goal is to get a duplex or triplex. Something with more doors and more potential. Or do I just need to rent it out and accumulate more equity first?  Any suggestions would be greatly appreciated. Thanks

Thank you for your message. So what if the heloc amount is enough to cover 20% down on investment property and cover renovations. Would that make sense to do? I do have some money that I need to pay myself back from my current property from renovations. I’m just thinking I need to start at a clean slate. Like maybe I could pull enough out from heloc on primary residence to pay off debt and then rent out my primary and use the extra cash to payoff heloc and then do another heloc once the original one is paid off. Then I would have a little more equity and like you said at that point it would be a loan against an investment property which is tax deductible right? 

Hello so I am in a situation that I am trying to figure out with rentals and loans. Right now I have 2 properties. One being a rental and the other my primary residence. The rental is my first of hopefully many and that being said the rental home I purchased as a primary residence and after a year I Decided to rent it out. I have been renting it out for almost 3 years now. The rental is not in a great area but it’s not terrible. The rental has some equity but not much. It was definitely a learning experience more than anything. My primary residence I have been in for a year now and my plan was to do a heloc and use the money to buy another property which would be an investment property purchase. The house has enough equity to buy a fixer upper and have some left over cash for renovations but just barely enough. I would be cutting it pretty close. I have thought about renting out my primary residence because I could potentially have someone else paying my mortgage and the rental income would pay the mortgage and also put about an additional 600 month in my pocket. So my question is is it a bad move to pull out all of the equity now and look for a fixer upper to rent out? Is it a better idea to wait longer and build more equity and then pull out more money? Also can I buy primary residence often? Like every year can I buy a primary and then turn it into a rental? Is it hard to pull equity from an investment property? If I waited longer and was able to pull more equity then I could possibly buy a multi family property like a duplex or triplex. Basically I’m just trying to figure out which direction to go in. Thanks

Hello so I am currently working on a deal for purchasing a commercial/residential property and the seller is willing to do a seller financing agreement with good terms. My question is I recently opened an LLC and am trying to figure out if purchasing the property under my llc would be a good idea. Being that it's seller financing it's a balloon payment at 5 years so I will need to refinance out of the loan before the 5 years. Will it be harder to refinance out of the llc down the road? What about doing a quitclaim deed? Like purchasing the property under the llc and then doing a quitclaim deed into my name and then refinancing. The reason I'm looking into using llc is because it's a commercial property with 5 units so there is significantly more liability with tenants and their customers and if there ever was a lawsuit I'd like there to be an llc. Unless my thought process is completely wrong. I'm open to any ideas. Also what about tax implications. Is one route financially smarter than the other. (LLC vs not) the net income is estimated at around 8000. Also I was going to open a business account for the property which requires Ein.

I just listened to managing rental properties and there are a few suggestions to use www.biggerpockets.com/ bookbonus to get forms but every time I try the website nothing downloads. Does anyone know why it doesn’t work or if it is something that is even still available. 

Hello I am just finishing up a rehab on a property in Denver and I will be advertising for some tenants soon. Does someone have any good recommendations on where I can get or create a good lease. Are there any free options or low cost options that someone knows about. Let me know. Thanks 

Post: Real estate agent

Robert MedinaPosted
  • Posts 42
  • Votes 9

What is the most effective way to find a real estate agent that is well versed in investment properties 

Post: Real estate agent

Robert MedinaPosted
  • Posts 42
  • Votes 9

What is the most effective way for finding a great real estate agent.