All Forum Posts by: Ryan Keenan

Hey BP, have a situation here and would love to here your thoughts. I bought a 3 family 10 months ago fully occupied. One tenant who has been living there 3 years is a constant complainer. I have recieved almost 25 problems or complaints. Some complaints were legit such as new bathroom door, fan in bathroom , heat was not turning up. Other then that, she called me because the town didn't take her recyclables, the plow guy didn't plow her steps fast enough in a blizzard, small bees nest, sink smells, the landscaper is a issue, the town put too much snow at the end of her driveway, didn't shovel mailboxes, problems with people down stairs and how they park.

The latest thing that put me over the edge is the screen broke in the storm door. So I put a whole new front door on aswell as a screen door. 4 days later is complaing about the back door and now is broken because she broke the glass pulling it open. Now in fixing the back door she calls me about bed bugs and how the people downstairs brought them.

I finally said, "seems like you are unhappy here and you can move out" she did not say much to that but I'm frustrated . She pays the rent on time but now does not respond to me at all. Thankyou for your insight!

Ryan

Hey BP I live in CT, with wells fargo all of a sudden closing my personal LOC, Now I can't even get a HELOC on my primary or any of my rentals and I have a nice amount of equity in there.. my DTI is too high. I first applied to wells fargo when I only had two properties and they gave me a nice 50k loc now that they are closing, I'm afraid I keep getting denied. Does anyone have any idea of what banks to try? Are the credit unions and better bet? I have great credit , the only debt I have is my mortgages, I house hack and pay no rent, live way below my means and I can save a nice chunk a month just keep getting denied. Very frustrating ! Thanks for the advice!

Ryan

@Willie Alexander James III

Thanks for the response, to get the portfolio line of credit would i I have to refinance all the properties into one loan?

Hi BP, just learned wells fargo is closing all there personal unsecured lines of credit in a couple of months. I had really nice line with them. :(

In looking into the helocs , will it be more challenging to qualify for one with 6 rental properties that i have I'm looking to do one on my primary and one on one of my rental properties. I have no debt besides my properties. Does anyone have multiple helocs ?

Thanks

Ryan

@Dustin Turner

Hi, I was wondering if you could share what the rules are for renting out the second home? And can you use a rental program?

@Parker Borofsky

Alittle confused about the second home option. If I purchase a second home in Florida just say, I can put 10 percent down and occupy it for 14 days out of the year or more. I can rent it out the rest of the year but I cannot place the property in a rental program I must be in complete control?

If I go the vacation home investment property route I need to put 15 to 20% down and there are no rules to occupancy or putting into a rental management company?

@Jack BeVier

Hi Jack, I've been struggling with this issue myself. Do you lend 75% based on the new ARV with 3 months seasoning only? NOT loan to cost? And this is 4.5% range 30 fixed needing 650 credit score min?

@Jack BeVier

Hi Jack, was wondering what LTV do you lend at?

Is the LTV based on the NEW ARV after its fixed up and not loan to cost?

@Wenda Wang

If I bought cash and rehabbed it, what would be your seasoning requirement ?

@Blake A. Rivers

Thanks for the insight, what credit score would you need after the 90 days? Credit score dips alittle after pulling some lines.