All Forum Posts by: Susan W.

Where does one go about finding local wholesalers for Multifamily units in Forth Worth/Dallas, TX? Is it mainly through networking?

Thanks.

Hey BP Community!
I have a HELOC, let's say $100K (to keep the math simple) and want to purchase a second property for $500K. Let's say I have $50K in cash so a total of $150K (includes $100K HELOC). How do I finance the balance of $350K? Would I need to get a second mortgage if there are no seller financing options? Are there creative ways to finance the $350K outside of a mortgage? I just don't see how a HELOC by itself can finance a property worth more than the HELOC amount and there is insufficient cash on hand to cover the difference. Your insight is appreciated!!

@Bill B. thanks for the tip! : D Makes sense about Vegas given it was among the hardest hit during the FC. I can def. see advantages to both SFHs and MFs. For now, I'm going to focus on MFs and try to build my niche there. I'm gathering that different property types can all be great investments, if you make it such. 

@Andrew Weiner @Bud Gaffney thanks! appreciate your comments!

@Mike D'Arrigo Thanks for your comments. I'm interested in small MFs so under 5 units. 

@Aj Parikh thanks, that makes sense.

@Shane Kelly thanks. So would you say demand is still high for MFs in Cleveland but waning for SFHs? Do MFs tend to weather a housing downturn better than SFHs in Cleveland?

@Kevin Sobilo thanks for your comments. Yes, I would say price is really that important! It can make or break a deal or make a deal more lucrative (i.e., increase CF) - but I'm preaching to the choir. If you buy when the housing market is lower  then there is a greater chance to achieve more equity sooner, all else being equal. That's my thought anyway. But I do agree that if there's a great deal today, I wouldn't wait hoping that prices decline b/c the opportunity to snap it up would likely be fleeting.

Hi BP,

I am just getting into the multifamily space and was wondering if MFs are more or less resilient than SFHs in the same market during a housing downturn. I am looking at MFs in Cleveland and wonder if I should wait 3-6 months if consensus is that home prices will continue to fall in that period (and maybe even beyond). Just curious how much of this downturn affects MFs. I know rates will likely go higher but let's ignore that for now.

Thanks.

Hi BP community,

I'd like to tap my home equity to invest in a small MF and assume a home equity loan would be better than a HELOC given the rising rate environment. My questions are
1) is it possible to get a home equity loan if I have two existing SFH mortgages (one property has substantial equity, the other has zero equity - purchased at the beginning of the year as a primary and renting out the other with +CF).
2) assuming yes and the MF has + cash flow within a year, would I be able to convert the loan to a regular 30-yr mortgage within that year?

If you have suggestions on better creative financing, I'm all ears. Thank you!

Susan