All Forum Posts by: Ryan Hall

Thanks for your input Wayne. 

The assessed value was determined before the hurricane. Will the lender reevaluate the arv taking the damage into account and reduce the loan amount? 

If the fha 3.5 is for 4 units and less, I will look for other options in order to make that part of it work.  Any ideas?

As I was about to close on a first position heloc that would provide the 3.5% down needed for an owner occupied 5 plex, then, Hurricane Michael hit my rental property.

My hurricane deductible is 12,500. I have 15-20k in damages. Admittedly, I wasn’t aware of the massive disparity between my 2500 deductible and what my out of pocket expenses would be if a hurricane hit.

Now instead of paying that property off at an accelerated rate while leveraging equity for a multiplex, I am unsure of what to do next. I have a public adjuster in place to help with the insurance company. The insurance company is waiting on contractor quotes, the roof damage is tarped. the process is crawling along since so many are affected by the devistation. I don’t know if calling the lender would do more harm or good. Looks like I will resign my apartment lease for now. 

My mission is to finalize this first position heloc on the property damaged by the hurricane. I’m not sure how to proceed with my heloc lender. Any thoughts?

In the recent BP podcast EP 250, Grant Cardone responded to Brandon's fire round "1031 exchange" question with a cryptic response. GC mentioned something about 'the six months being the important part' with a cheeky, wink wink demenor.  What did he mean?.

I am transitioning out of the single family home I have rented out. this very well be my ticket to entering the multi family market. That is, unless holding it and leveraging the equity is a better idea. I don't know if I should go to the banks now with a loan application to obtain funding for a multifamily now, I have rented it for over two years, so I might be able to show rents as revenue with Fanny Mae for debt to income ratio purposes.

This sfh is worth about 125k more than what I owe on it that’s:

• Out of my area
• Rented until April 1
• Break even after capital expenditures

I was thinking about buying a multi family on a 1031, but I don't want the 45 day rush. 

I would like to have the multifamily deal in place prior to closing on the sfh

I’m looking to locate and control the multi family property in my area prior to closing on the sfh to avoid the 1031s 45 day rush

What are the best ways to move forward? Thanks for any dialogue