All Forum Posts by: Stephen Nava

Looking for Real Estate Line Of Credit. I am trying to use the equity I have in one of my investment property. Sitting about $250,000 in equity. I rather not refinance and do a cash-out. Are there banks you recommend working with?

I own three properties. One has about $280,0000 equity that I would like to use to continue investing. Due to my high debt to income, I am not able to qualify for a refinance.

Monthly Income: 

W2 2426

Property 1 Rent 2200

Property 2 Rent 2700

Total monthly income: 7326

Expenses: 

Property 1 Mortgage 1306

Property 2 Mortgage 2177

Property 3 Mortgage 1284 (This is a co-sign loan)

Total monthly expenses: 4767

Besides selling the property with the high equity, what are options or strategies I can use to continue growing my portfolio? 

I am searching for mortgage lender to refinance my property. It's an investment property. I have about $300,000 in equity. I need to work with someone flexible and communicates clearly on what I need to provide in order to close.

I don't know what to do. I am about to close on this property but I am lacking $5000 in reserves. my mother is will to give me the money but that is considered a gift. she doesn't want to be on the loan. I have the source of money but I can't utilize it. Help. I asked my officer if I can put someone in the house on a year lease now and sign for after closing using the rent and security deposit as reserves, but I doubt I can do that.

I love Austin.

@Olivia Darling

Not sure, tenants bring their own washer and dryer for the properties I own. 

@ George B.

You will need the down payment. Figure out how much you will need and how you can obtain that. Find a property that will cover your expenses and cash-flow. This might be pretty difficult because you want to use FHA. You might have to pay PMI and the LTV will generate higher payments on the loan. Set yourself up for success and make sure you have everything in place. Use the BP calculators, keep surfing the mls, do it all!

Amazed.

@Nicholas M.

Compare your unit to other units in the area. What is the SqFt? How many bedrooms and baths? Does it have a garage? Is there anything in the property that is out-dated such as appliances? 

Check Zillow and other applications to give you some suggestions on coming up with a number. 

@Olivia Darling

Washer and Dryer units you provide to your tenants is a service that you can utilize to bring in more income. You can rent washer and dryer units from a company that will supply and maintain their products, but that's a special case. The laundry expense is not your liability and is probably a lower priority. Take into consideration of the main expenses, such as, mortgage payments, insurance, property tax, vacancy reserves, and monies for repairs. If you are looking at a property that needs work, evaluate what you need to do to make it habitable and cash-flowing. 

We can have a conversation more about this topic.