All Forum Posts by: Sean Brennan

James Vermillion You have a job, right? I looked at your website a while back :) Remember, no job income!

Brandon Turner Thanks for playing along!

Ah, come on, lets not over analyze... just spit out some numbers :)

Okay, suppose someone plopped you down in a new market with a bundle of cash and said start full time RE investing for a living! What is the minimum amount of cash you would require?

I know there are many different variables (availability of credit, ARV's, Rent's, strategies, etc.) so make them up and state them (but try to be realistic).

Bill Gulley I just checked with an mai appraiser with 25 years experience who has purchased investment real estate and he said we are under no obligation to disclose that we are appraisers to motivated sellers. He is a very reliable source but I will also try to verify this elsewhere

Chris Cox I appraise multifamily, industrial, retail, office, land, and special purpose properties for lenders, attorneys, government entities, etc. But, I am not on my own, I work for other appraisers.

Haha Glenn Espinosa you are probably right. I tend to be overly conservative. This has hurt my income in appraising because I always underestimated my work capacity because I don't want to miss deadlines... then I find myself with alot of downtime and well as the saying goes "idle time is the devil's play thing." I definitely need to get out of my comfort zone more.

Chris Cox yes that does help. Thanks for sharing.

LaKesha Raynor I am glad the answers I am finding are helping others :)

I'll give you a sample HELOC calculation here. We'll assume your appraisal value is accurate, given that you are an appraiser. And assume you can qualify for a CLTV of 90%. So total loan balances would be $292.5K. You say you have equity of $75K to $100K, so that puts your existing lien(s) between $225K to $250K; HELOC max would be between $42.5K and $67.5K.

Caveats: some lenders will only do a lower CLTV, you might not qualify to make the additional payments, the actual appraisal might come in lower, etc.

But that should give you an idea of what you'd have to play with.

Hi Steve, what kind of rates are there on helocs? Yes, am closing on a refi now... loan amount of 223k. The appraisal came in at 335k but the appraisal was crap and I think he was high. I am not sure what my income qualifies me for... I'll have to call my lender

Agreed