Financial opinion
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Financial opinion (by No name [NM]) Apr 3, 2021 2:42 PM
       Financial opinion (by Sisco [MO]) Apr 3, 2021 3:12 PM
       Financial opinion (by Ray-N-Pa [PA]) Apr 3, 2021 5:16 PM
       Financial opinion (by No name [NM]) Apr 3, 2021 8:29 PM
       Financial opinion (by Robert J [CA]) Apr 4, 2021 12:02 AM
       Financial opinion (by Ken [NY]) Apr 4, 2021 7:50 AM
       Financial opinion (by Jim [OH]) Apr 6, 2021 10:36 AM

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Financial opinion (by No name [NM]) Posted on: Apr 3, 2021 2:42 PM


Would like to throw this idea i am thinking about. I have about 45 sfh value around 6 mill. I have my primary loan on my house. Fixed 3.74% balance 100k. I have heloc balance 105k at 2.97% value of house 450k. I have 1 fixed 10 year mortgage at 3.50% with 1 rental used as collateral for 135k.. Rest free an clear..

My thought.. Looking at getting at heloc for 80% of value of my house at 2.75% interrst only.. Looking at getting the max. Pay off my primary loan an heloc with new loan.. I am looking at leaving my day job an want to build a nice available funds while i am working.. My goal would to be paying a min of 5k a month to pay it off asap.. While building the money available in heloc. I am 44

Or option 2.. Just do a refi on my primary to lower late an get a fixed amount.. Then do a heloc on what is available?

Financial opinion (by Sisco [MO]) Posted on: Apr 3, 2021 3:12 PM

How much gross income did you bill last month?

How much did you collect last month?

How much did you spend last month in operating expenses?

Financial opinion (by Ray-N-Pa [PA]) Posted on: Apr 3, 2021 5:16 PM

Your LTV sounds great.

But you can't buy lunch with equity.

What does your cash flow look like?

You do understand that HELOCs are variable rates. If you are expanding them you are betting on rates going down or at least staying the same for a long time.

Just last month the fed said they would keep rates low until employment hit its target. Yesterday the president bragged about the number of jobs that have been created - the impact of the massive stimulus hasn't really started to take hold.

If you are restructuring financing - locking in now is sage advice --24.154.xx.x

Financial opinion (by No name [NM]) Posted on: Apr 3, 2021 8:29 PM

So you would suggest? I assume refi or leave current mortgage so rate is locked? An then just get heloc for difference? I was thinking since i want to quit my job i should get max heloc while i got a w2 income... Not to worried about rates going up, i will have it paid off in 3 years max..

Financial opinion (by Robert J [CA]) Posted on: Apr 4, 2021 12:02 AM

Asset protection. Having loans on rentals reduced someone stealing title by fraud and forgery.

Financial opinion (by Ken [NY]) Posted on: Apr 4, 2021 7:50 AM

Why would you have a mortgage on your primary residence and a bunch of rentals free and clear? i would pay off my primary and put the mortgage against 1 or more rentals to accomplish this.Also if this post is real you say you have 44 rentals free and clear and concerned about leaving your day job and having available funds,seems to me you should be collecting a small fortune every month and shouldnt need to be concerned about available funds,they should be flowing in every month very nicely

Financial opinion (by Jim [OH]) Posted on: Apr 6, 2021 10:36 AM

I believe Ken from NY is spot on.

The properties must pay their own expenses. You put your financial background up to get the original mortgage. Cash flow and equity determine the improvements. The investment now pays for it's own improvements and upgrades.

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