All Forum Posts by: Ade Wilson

I’m thinking about taking out a Heloc on my primary property. I have over 600k in equity and want to invest in some rental properties with the funds. 

Anyone know the max DTI banks will allow for Heloc right now? I'm sitting at 39% which I think is high but I've heard some banks will allow up to 54.99% DTI and some only 45% in which I won't be able to get a large line out on my house. How can I get the most out of the equity just sitting inside my home? I just purchased November of 2017 so I can't rent out my unit just yet but I do rent out my front unit already (duplex).

Thanks for the information! Since I’m losing money keeping the equity in my home would it be better to take out a heloc and finance a few investment properties putting 20-25% down? I was speaking to a lender associate and he suggested getting one year of landlord experience under my belt so I can get the future rental income to help qualify. Since I have the Heloc available I feel like I’m wasting time waiting for my year to end I’m ready to start investing on a few properties. I earn 150k/yr and my rental unit brings in 32k/yr I don’t have any student loans or car payments. Do you suggest investing out of state? 

@Jack V. Ospina Thank you for the response! Would you suggest waiting 1 year so I can have landlord experience and using the next investment (future rental income) to help qualify? I factored in my current mortgage and also the monthly payment for the heloc. I still work and make $150k/yr but being new to it all im nervous about having so much debt. 

Looking for outside opinions on the best move I should make. I'm 26 just purchased my first home in November of last year. Bought a 5 bedroom 3 bathroom duplex less than 1 mile from new LA Rams stadium. I got a killer deal from a family member so looking to take advantage of the opportunity. My house is currently worth a little over 1 million and my mortgage balance is 327k. Im renting 1 unit out and that covers my mortgage plus gives me a extra $300 every month. I live in the other unit for free but thinking about renting it out for extra rental income. I got a killer deal haha... I'm thinking about taking a 500k HELOC to purchase rental properties but the LA market is so high right now I don't know if I should pay straight cash or finance homes in the Los Angeles area. Any experts on REI that can share some wisdom?

Looking for outside opinions on the best move I should make. I'm 26 just purchased my first home in November of last year. Bought a 5 bedroom 3 bathroom duplex less than 1 mile from new LA Rams stadium. I got a killer deal from a family member so looking to take advantage of the opportunity. My house is currently worth a little over 1 million and my mortgage balance is 327k. Im renting 1 unit out and that covers my mortgage plus gives me a extra $300 every month. I live in the other unit for free but thinking about renting it out for extra rental income. I got a killer deal haha... I'm thinking about taking a 500k HELOC to purchase rental properties but the LA market is so high right now I don't know if I should pay straight cash or finance homes in the Los Angeles area. Any experts on REI that can share some wisdom?