All Forum Posts by: Adam V.

@Christopher Gifford They have a $10k minimum.  Can't recommend these guys enough; very responsive to emails and calls, quick answers to questions and handled everything over their website, email, phone and FedEx.

The properties were leveraged but i had plans to refi in '19 so i wont be too upset if they bug me about it.  

Thought it might help to update this.. Pen Fed has a rule that if you have 4 or more properties in your name then they will only do a HELOC on your primary residence. I don't plan to be in my primary long enough to make use of a HELOC so my options were to either pull my name off my primary or throw some properties into my LLC. I chose the latter option and a week later i got the approval. Hope this helps someone!

Just an update here for those who might find this helpful.. Pentagon Federal will do 80% LTV on an investment property. I applied last week and am going through the process. Was pre-qualified for 25k with 12 year draw/repayment interest only @ prime +1. So all in all not bad. I'm told the formal approval process (confirming income/property equity etc) will take 4-6 weeks though so we'll see!

@David Cruice Primarily because i like the cash flow on the property where it is so i don't want to increase the monthly payment or see a rate increase. If I get a HELOC (looking for interest only 24-36 months) i can get that cash paid back with the 1st year cash flow from my next property. And then use that LOC again and again in the same fashion to acquire more properties and not have to tap my operating cash reserves.

Hi All, 

I've been looking for a lender local to the Syr, NY area that will do a HELOC on a rental property. So far i've checked with multiple banks and credit unions and found nothing. Hoping someone might have done more work than me and can point me to a local bank. so far i've only found TD Bank out of Albany who runs a prime +1.74 rate, plus annual fee and closing costs. In case it matters the property in question has about 50% equity.

property taxes in our area are high but so are rents! a decent 3 bdrm/1.5bth SFH in a desirable schools district (not Syracuse city schools) can pull in 1500 to 1800/month

looks to me like your Cash on Cash is 17 or 18%.. that doesn't really scream "too good to be true" to me.

if you are just doing rentals (passive income), i think an S corp would be overkill.  I think the primary advantages to an S Corp only kick in when self employment t axes may be owed.  Please note i started most thoughts with "I think" :)

@Emmanuel Gonzalez many of us who don't have a license or pay for access work with agents.