All Forum Posts by: Sean McCluskey

@Dan DiCiaula Thanks, This concrete slab porch is not above anything. The wall is to the living room, and this is a split level so underneath the living room is the lower living level or mechanical room, I think. I wasn't there to walk it so this is a little hard to answer.

Hey BP, I'm looking at a potential BRRRR deal in Indianapolis and this was the biggest issue that came up on the walk through. This stone siding on the front of the house, under a porch overhand, is falling off the side of the house.

The concrete porch is also cracked all the way across, right by the edge of the front door, intersecting with this issue.

What do you think, is it A) A foundation sinking issue, or B) Just heavy stone falling off its adhesive, and a separate issue on the concrete porch?

Thanks!

@Casey Rolland Casey, you're talking about a balance transfer check, right? Did you just write it to yourself and deposit it at the teller?

@Tom Shallcross it sounds like a bunch of investment property HELOCs would make sense for you. Less expensive to do than refinancing. You could wait to draw on then until you hear about banks freezing them OR until you see a deal you want to takedown. And the worst case is they get frozen before you draw and you're only out the credit pulls, nothing really lost but the opportunity cost of your time.

@Sienna Parker That's an insane match. What industry are you in?

Ask HR about taking a loan from the 401k to buy a residence. It's probably allowed and likely to be a substantial amount, since they're so nice on the match.

@Matt Nico When you calculated your DTI before quitting your job (which I assume you did), what did it come out to? Will it be under 43% even if you get that last rental property's income counted?

@Angelo Mart The government should really step in and pay the lease rents, that would be the most streamlined way to do it.

@Christopher Grobbel what about a refi with an 80-10-10 structure? The rate on the second lien would be higher, but you would get the lower market rate on the 80, and could pay down the 10 more aggressively if you wanted to.

Im not sure if that is possible on refi as it is in initial purchase, or if its better than PMI.

@Eric X. Mind if I ask the lender and state you're getting that rate in right now?