All Forum Posts by: Tyler Kesling

Just closed on it so I think I need to wait a few months to get some income flowing before I can DSCR.

@Erik Estrada Thanks for the advice. I see they have a contact but it's all AI so that's interesting to see if I would be interacting with a real person, although if the bot gives me the info, does it matter? 

I've never heard of them so I'm curious if anyone has.

I will have to find a new institution for my next HELOC. I need to get this one closed out and start over but hopefully my appraisal will still be acceptable and I can skip that step next time.
 

@Brandon Croucier The HELOC is for $70K, the value of the property is roughly $140K. The only debt on the house is the HELOC. I used cash for the balance. I just trying to reif the HELOC into a traditional mortgage.

I need to refi my HELOC on my first investment property. I used my local credit union and even though it advertises the benefits of interest only during the drawl period, apparently the require interest and principle during the drawl so my payment is about double what I was expecting. I didn't find this out until closing so that's on me. Anyways, I used GROK Deep Search to look at my situation and find me a lender for refi of the investment and it recommended Better.com. Does anyone have any experience with the company? Other suggestions to get this knocked out pretty quick? My first payment is only for the closing on the HELOC so I've got a little time to get this worked out before going in the red.

House was listed $142K. The current owner bought it for $30K and I know they had to clean up a lot of title work and started doing repairs. I they accepted an offer of $118K from my brother but since he couldn't get the loan, we're starting over. I'm offering $115K cash and can close as fast at the inspections and title work can be done. Am I getting greedy to ask for an additional seller credit at closing to help offset some of repairs needed? There is a significant crack in an outside wall of the foundation that I still need to have someone evaluate. My gut feeling is it's going to cost around $4,000 to repair and has been there for ages. I was thinking of asking for an additional $2500 towards repairs. 

On the lease, he'll pay me $100/m over my HELOC payment and all other expenses, including the refi cost, inspections, title work, etc...

I'll refi as soon as possible and then have my HELOC available for my second property.

I'm getting closer to being an investor!
 

I'm still looking for my first property and I have a lead, sort of. My brother needs to move back to the area and found a duplex fixer upper. He wants to live in one and use the other for his studio. He and the seller have agreed on $118K. His credit score is fine but his income is showing too low to get the loan, so I though maybe I could use my HELOC to make the purchase and do a Lease to Own. He has $50K to put down and plenty to do whatever renovations he would want to make. I'm not concerned about his being able to make the payments and trust him to do so. I'm struggling a little bit on deciding the best agreement to make sure I can get some cash flow, payback the HELOC, and not drive the new mortgage up too much with the Refi out of the HELOC. Thoughts? How would you structure this?

@Ken M. , yeah, I've been working on it. I'm just trying to find a 2-4plex that cash flows in this area. One issue I'm running into is my confidence in underwriting all the expenses, and using my HELOC for the down payment. I'm not terrible afraid of being 100% leveraged but carrying the total DS on the HELOC and mortgage is making it tough. The search continues...

Completely new to this so my 2025 goals are to make my first purchase of a cash-flowing 2-4 unit multifamily in my local market, refine my systems, and to continue to learn and build connections.  

About 3 months ago I downloaded my first audiobook, "Multi-family Millions" by Dave Lindahl, and started this journey. I know this might seem insignificant to experienced investors, but I just got the appraisal back from the bank this week and have access to about $145K in a HELOC so I'm creating CCCs around this number. I'm taking my first steps. I making this happen. I'm building my systems. I'm building a team. I have my vision board directly across from my desk in my office and I see it everyday, all day. This is my year.

Just curious if there is a thread on here anywhere that someone could link to that has bunch of fully underwritten deals by experienced investors? I see a lot where newbies are asking for help but as newbies, it feels like they are missing a lot details. I'd like to see the templates others are using to accurately project Cash on Cash and Cash Flow. 

@Jaycee Greene I met with the credit union and waiting on an appraisal but pretty certain I'll access to around $80K @ 8%. To get any cashflow I think I need to be looking for something around $250K, that doesn't need a lot of up front rehab, to give me enough extra for closing and reserves, and in a submarket that will gross 3000/m. With the HELOC, I think that will still puts me in the black about $125. I think that losing the HELOC should create a little better cash flow but at the very least it will put some stability into my debt service.