All Forum Posts by: Mike Cartmell

Revamping this discussion because I am in this exact situation at this time. I am completing a commercial cash-out refinance on 4 of my SFR rentals and intend to payoff my primary home and obtain a HELOC at 85%LTV on it. My reasoning for this is that I cannot deduct the interest I am paying on my primary residence due to the increased standard deduction of $24k. Even if I itemize, I cannot exceed the standard deduction. The current interest rate on my rentals averages 4.5% and the new interest rate on the rentals is 4.41% and the interest rate on my primary is at 3.75%

Numbers:

Primary Payoff $330k; Value is $500k; HELOC amount will be $425k

I know many will not agree with this but it provides peace of mind and I can invest in syndication deals that offer over 10-15% ROI using the HELOC and essentially get a return of 5% using my equity.

This will also free my DTI to acquire more rentals with the BRRR strategy since I have 10 loans at this time. Any personal loans should be a slam dunk to obtain because the primary mortgage and the 4 rentals will not show up on my personal credit report.

What are your thoughts on this approach?

@Cornelius Garland - Awesome thread and thanks so much for the info.  I'd be interested in seeing your flow chart and obtaining more info on your skip tracing service.  PM me if you don't mind. 

I have the opportunity to acquire a 2nd note which is non performing with the intent of foreclosing and hopefully acquiring the first mortgage to do so.  I am very green when it comes to note investing and am wondering what the process is to foreclose on the 2nd.  I have the capital to purchase the 1st mortgage but don't know how to start the process if it is even possible.  I'm sure this has been done and am looking for any guidance or references to learn more.  Thanks in advance!

Hi Ted,  I am interested in seeing what you are offering.  Please send me an email with the details if still available.

Thanks,

Mike Cartmell

[email protected]

---------------------MORE PICTURES & INFO HERE-----------------

2115 Warwick Lane Colorado Springs, CO 80909

CASH OR HARD MONEY - $3,000 NON-REFUNDABLE DEPOSIT

MUST BE ABLE TO CLOSE BY MARCH 31ST.

Basement is currently setup as a separate apartment with it's own access. Could convert to Duplex or fully rehab and sell as SFH.

5 Bed, 3 Bath, 1 Very Deep Tandem Garage

2280 Square Feet;

ARV: $270-275k

2017 Snyder (Under Contract for $280k – 2 DOM - 100% Rehabbed - $121/SF)

2205 Sussex (Pending at $265k - $120/SF)

3009 Drakestone ($274k – 9 DOM - Great Condition - $122/SF)

Comps are provided as a convenience, please do your own due diligence

RENT AS SFH $1500-1600

RENT AS DUPLEX: TOP ($1100-1200) BASEMENT ($700-800)

UPGRADES: New Roof in 2012, All windows except one are fairly new

REHAB NEEDS: 3 Bathrooms, Flooring, Paint, Electrical Panel, Furnace, Water Heater, Landscaping Kitchen (Can Salvage Cabinets)

WHOLESALERS AND BUYERS AGENTS ADD YOUR FEE/COMMISSION ON TOP OF PURCHASE PRICE

Mike Cartmell
PikesPeakHomeBuyers.com
[email protected]

Call/Text 719-235-6797

I've been through that research and that is very difficult to find.  I'd love to find one too so I will be monitoring this thread.  Love to hear more about your development project too as I am a Civil Engineer and used to design all of the infrastructure for land development.  PM me if you don't mind sharing.

Find more info at this link:

http://www.pikespeakhomebuyers.com/wholesale-prope...

Contact Mike at 719-235-6797

Hey Mike, I am a investor/ RE Agent from Monument as well.  I primarily work the Colorado Springs area so if you are looking to break into the Springs market let me know how I can help.  

Welcome Matthew.  I am a local agent/investor here in Colorado Springs.  Let me know if I can help in any way.

New Wholesale Deal located at 6140 Flintridge Dr 80918

Tri-level 4/3/2; 2100SF; 1/4 AC lot; RV parking; Air Conditioning

HOME IS OCCUPIED; DO NOT BOTHER RESIDENTS

Price: $185,000 or best offer

ARV: $245-250k (Comps range from $115-127/SF) Perform your own due diligence

Rehab: $15k (Paint, Flooring, Rehab 2.5 Baths) newer windows, new roof in 2011, water heater in 2011, furnace in 2004

Open house to be held this weekend!

Contact Mike at 719-235-679 or [email protected] if interested or to be placed on buyers list for future deals.