All Forum Posts by: Slocomb Reed

@Taft Love Have you considered getting a line of credit secured by your new property to pay off the hard money loan once you have a long-term tenant in?

The bank I use for LOCs doesn't require seasoning or historic financials for the property to determine what the income will be (just current lease and proof of rent payment), and the loan processing is super simple and I can get a LOC for up to 80% LTV at 5.5% with no fees or points.

Doing this right now. I bought and fixed up with a hard-money-like loan, getting a LOC secured by the property to pay off that loan right now, then I'll convert to long-term financing soon as I can.

Hi Dujuan,

I'm an agent and investor in Cincinnati. What're your criteria for buying rentals? Property size, cashflow goals, tater purchase price, etc.

Hey Rob, I'm a multifamily investor in Cincinnati and I definitely agree with the people who've replied so far that the deals we're seeing right now aren't what we've been able to get the past few years. But what're your criteria? Number of units, cashflow goals, target purchase price, etc.

Great! See you/y'all there!

That makes sense, but I won't be able to get money anywhere else for 5.2% with no fees. Using the HELOC will be the cheapest way to go, and I don't see myself jumping into multiple deals until I've fully completed my first real rehab.

Ideally I think I want to buy, rehab, rent, and refinance my next deal deal without having to use any money other than this $100k open line. You can buy and rehab to rent in Cincinnati for under 100k in a variety of neighborhoods, so that shouldn't be too big of an issue.

Do y'all see any value in getting a BRRRR deal under my belt before reaching out to hard and/or private money lenders? Is it worth the wait to make myself a more attractive loan option, or would the wait not be worthwhile?

@Samantha Klein it sounds like @Jason Hirko is talking about buying with hard money, then refinancing with a bank after the units/tenants are seasoned.

My wife and I were just approved for a $100,000 open line of credit on our home; we house-hack a 4-family near Over the Rhine in Cincinnati, Ohio. This quad is our only hold right now, our goal is to own enough rental property to sustain our family and our future business goals. Also, I already have my real estate license.

So my question is:  What would YOU do if you had $97,000 available between 5% and 6% and you wanted to build a rental portfolio? Please assume that you're already owner-occupying a cashflow-positive multi, and feel free to delve into whatever investing arenas you think will help us buy and hold for the long term. Whatever your thoughts are, I'd love to read them and learn from them!