All Forum Posts by: A.J. D'Asaro

Self-driving cars & ride-sharing scares me from entering this market, probably not going to happen overnight, but I can definitely see this having a huge impact on parking

Thank you @Kenneth Cowan! Good luck on reaching your goals. Let me know if you want to talk over some deals, sometimes it helps to have a different set of eyes.

To everyone else I guess I should post an update: I did end up purchasing a 2nd property last month, which I found through the Bigger Pockets marketplace. And I recorded a podcast about my brief real estate career thus far at www.lifetimecashflowpodcast.com Ep. #104

@Nghi Le great one!  Here's another i found-

First Midwest Bank offers 90% LTV fixed-rate Home Equity Loans with 15 year terms at ridiculous rates. I was quoted 4.25% last week, same rate as the conventional 1st mortgage (owner-occupied 4-unit). If you live in Chicago area or Midwest def. check it out.

@Frederico Gutierrez I am interested, can you send more info? 

@tony  

@Tony Wooldridge Yes, it was owner occupied. As far as I've seen SDFCU offers the best deal aside from the military-affiliated credit unions. There are a number of ways to be eligible to join SDFCU. I'm not sure if they lend everywhere, but it worked for me in Chicago. I highly recommend them if you are looking for a HELOC on a primary residence / owner occupied multifamily. Credit unions make their own rules for how they lend, sometimes they offer crazy deals to attract new members (like a 95% HELOC), and the deals are typically better than banks. Also another element is perhaps their lending pool, which is heavily government employees, is less risky. As for why I had to go there, no idea, perhaps that is unofficially how they keep from lending to just anyone. Keep looking, you should easily be able to get 90% on owner occupied with credit unions or smaller community banks.

Do you have any photos available post-updates?

Are you sure you only need the funds for the intro period? SDFCU has a good one, no introductory rate, but 95% LTV at standard prime rate. Right now mine is at 3.99% Way lower rate than big banks.

Just got the SDFCU 95% HELOC on a 3 unit blding, it is legit. Appraisal came in a little low, but overall very pleased.

Worst part was I had to physically go to Washington D.C. because an error in their system with my application.

In the end I got a $100,000 line for 10 years at 3.90% (floating rate), cost me $1200 in fees. Plus $300 for the flight from Chicago to D.C.  https://www.sdfcu.org/home-equity-loans

Venmo is a godsend for the small time landlord. No more collecting rent checks or depositing them. Record-keeping is a breeze, and I can send reminders to pay right to tenants' mobile phones. I have only had 2 late payments in 3 years as a result. Usually younger tenants already have the app, but I've had no problem teaching older tenants to use it. There is a withdrawal limit of $3k/day for me, some will that not be feasible but for small time landlords works just fine.

I used an FHA loan to house-hack a 3-unit building in Chicago when I was 23 years old. My out of pocket cost was $10,000, out of savings and my parents helped. Now 2 years later I have saved $25k in rent and am closing on a $100,000 home equity loan from appreciation. I plan to purchase another investment property soon. Just wanted to share my story and tell people it is possible, just takes time and determination to achieve.