All Forum Posts by: Sadierose Saucier

Welcome Joan!

    I am an investor and Realtor in Eastern, CT. My husband and I currently house hack a duplex. One thing I wish I knew early on was seeing the potential in a property. Some properties we passed by early on were not very esthetically pleasing but they were in a better area, had more privacy, etc. Sweat equity is always an opportunity to improve the property but you cant change the location! 

If you ever need anything or just want to chat, let me know! Eastern, CT has a lot of cash flow potential with lower priced homes compared to the busy Cental CT area. 

Welcome Nick!

    I am an investor and Realtor in Eastern, CT. My husband and I currently house hack a duplex as well. Let me know if you ever need anything or just want to chat :) 

@Reid Chauvin that’s exactly what I’m thinking the issue was! Thank you! 

@Timothy Hero so I talked to my lender yesterday and he said because we didn't have 80% LTV… does this sound right?

@Bud Gaffney what do you prefer about HELOC?

@Matthew Crivelli I agree! We have been struggling to use the HELOCs because the numbers just don’t make sense. I’m going to PM you. 

Hello!

Currently own and rent 2 multi families (triplex and duplex). When we refinanced, my mortgage lender said we only had the option to do HELOC, not cash out refi. What are the main reasons for this? HELOC's are more difficult to reinvest because then you have a new monthly payment to use the money. Could someone please explain the main rules regarding the 2 different options and how we could do a cash out refi next time instead? I have always been very confused between the two. Note: my mortgage lender works for one bank, I'm thinking I need to start working with someone that has more options available. Thanks!

@Matthew Crivelli I am starting to realize that! I will definitely keep your number for the near future, thank you! 

@Bill Couture hey! I honestly wouldn't know where to start with looking into a private/seller financed mortgage. If I were to use that instead, what would the benefit be to re-financing into an FHA? The only reason we want to use FHA is for the low down payment of course, but the long term PMI and high mortgage payments are of course unappealing. In 2017 with our 3.5% FHA we could still cash flow but now it's really hard to find anything. We just figured this would be our last chance before getting married and dealing with living in another rental that maybe we should do it again.
You’re a loan officer right? Would you be available for a phone call sometime this week? Shoot me a text if you can! Thank you! 

@Craig Anderson getting another FHA to O.O and then cash flowing on the first 2 is our current plan. I just wanted to make sure we weren't overlooking something that could work better. I'm just timid to use the HELOC's for our down payment on the next one because that will take away some of our cash flow having to pay that back. So maybe we should save up to pay cash for the closing cost/down payment one more time and then use the HELOC's when we know we can recoup our money more quickly. This next property was most likely going to be our primary residence for awhile, not another multi. Lots to decide! Thank you for the response!