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All Forum Posts by: Amber Golson

Amber Golson has started 4 posts and replied 13 times.

Creative Real Estate Financing

Post: Refinance from FHA + HELOC for investment property

Amber GolsonPosted
  • Rental Property Investor
  • Woodstock, GA
  • Posts 13
  • Votes 2

Current balance: 159,000

worth: ~220,000

0 Votes
Creative Real Estate Financing

Post: Refinance from FHA + HELOC for investment property

Amber GolsonPosted
  • Rental Property Investor
  • Woodstock, GA
  • Posts 13
  • Votes 2

I was first stuck on getting HELOC on my primary residence to use as a downpayment for an investment property (long or short term rental)

I talked to a few lenders and have gotten an option to refinance out of my FHA loan and get a HELOC with the equity. Is this a horrible idea? Should I stick to my FHA & avoid additional fees?

loan details

  • Original loan: $176,000 at 3.25%
  • refinanced loan: $159,000, (no PMI)
  • .75 origination fee, $1600 processing, $900 tax/title
  • Free refis for life!
  • HELOC: $43,000 at 5.25% - 15 year draw

Orginal loan

0 Votes
General Landlording & Rental Properties

Post: HELOC on Primary Residence for Investment in LLC

Amber GolsonPosted
  • Rental Property Investor
  • Woodstock, GA
  • Posts 13
  • Votes 2

Hello!

I'm interested in using a HELOC on my primary residence to purchase a rental property. What steps do I take to complete the following:

1. Transfer the money from my personal name to my LLC

2. Pay the HELOC balance with rental income from the rental property

Thanks in advance for your help!

0 Votes