All Forum Posts by: Sean Tift

My partner and I own an investment property in Indianapolis(SFH 4bed 2 bath, 1508 sqr feet). We acquired the property prior to the pandemic, in 2019, and it has appreciated quite a bit since. The original purchase price was $88k. We took out a HELOC against the property in mid 2021 and currently owe a total of $97,500.

Closest comp in that area is around $150k. 

We are looking to refinance the property to lock in a good rate before they increase and to pay off the HELOC. Ideally we would like to do a cash out refinance in order to take out some money for other repairs on our list. Does anybody have any recommendation of lenders who are willing to do a cash out refi on an investment property?

What other considerations should we keep in mind as far as rental income from the property, cash reserves, etc... 

thank you. 

Thank you all for the feedback, it has given us a lot to consider and  of course, highlighted the importance of the tax professional. 

Best to all!

We had a similar issue, ended up hiring a pest control company. We decided to keep our tenant happy when they expressed concern and annoyance over the ants. They had already tried many alternatives. So far we’ve had one treatment and expect them to come out once every couple of months. 

I just purchased a SFH in Portland, Oregon and Made a decision to Househack to subsidize our mortgage payment. I'd like to know what tax preparations we could begin to consider now in order to ensure we can deduct a portion of improvements made to the shared living areas come tax season 2021.

Thank you, I’ll check them out. 

We purchased our first rental property in September 2019 in Indianapolis. It took about a month to get the property  "rent ready". Once the home went officially on the rental market, we had a slow start and did not get it rented right away. At this point it was fall and then the holiday came along, which further delayed putting tenants in place. A lease was finally signed in on January 10th. The next day, our property manager went into the home for touch up cleaning and discovered a break in and theft of some appliances and damage to the HVAC.

With damages slightly over our deductible amount, we decided to file an insurance claim. We were very surprised to learn that our insurance company would not cover damages related to theft if the property was vacant for 60 consecutive days prior to the break in. Is this a common stipulation for most insurance companies out there? Has anybody had a similar experience? 

Hi, my partner and I live in Portland, Oregon and we are looking for a home that needs some work so we can get into something below market price. We have a rental out of state. 

Our goal with the local purchase is to use a conventional homestyle loan and merge the costs of the repairs into the mortgage. Has anyone worked with this product before? What is the most effective method to calculate these numbers? We are using the rental calculator, but It seems like we could also use the BRRR deal analysis since our goal is to move out and eventually rent the property out after repairs.

Thank you, this is very informative! 

This is great information! My partner and I are looking to invest in KC but would like to know some areas with C - B class properties. Does anybody have a good resource to find that information?