All Forum Posts by: Andrea Ochoa

Hi everyone looking for some guidance and experience sharing from you guys . I have 3 duplexes that I remodel and want to refinance 2 are under my personal name and 1 under an LLC. With the interest going up not sure that's the best move but I need to get that money out to go to the next property . Some one suggested commercial line of credit ? Anyone has experience with this line of credit ? How did it go ? Pros vs cons ?

Thanks In advance

0 Votes

Thanks for the info . That's awesome !! I just finished and ADU construction too and will be on that boat soon

1 Vote

San Francisco, California

Quote from @Jon Schwartz:

Quote from @Andrea Ochoa:

Hi everyone. My names is Andrea and looking to see what people are currently doing in regards to pulling your money out to move on to the next property. Just did a rehab I already on a property that has 2 homes in one lot and I am debating if I should do a HELOC or a refinance since interest rates are going up and will continue to go up with in the next months. Looking to get the most LVT possible.

Also interested to get leads on financial institutions which you have use for either refinance or HELOC. What LTV did you get?

Thanks in advance .
Andrea

Andrea,

I think it depends on what your plan is.

HELOCS are great because you only pay interest when you draw from the line. I'm in the process of opening a $500K HELOC on one of my properties; it's basically my opportunity fund. If a great opportunity comes my way, I have quite the bankroll to work with. Until then, I'm not paying any interest on the money.

However, if you have a project in mind, or if you know you'll deploying the capital within a few months of taking the loan, go with an equity loan. You'll lock in a low, longterm rate -- and if you put the money to work quickly, it won't be a problem paying interest from day one.

I shopped around for my HELOC and found Third Federal had the best rate at 80% CLTV (that's "combined loan to value"). A NorCal lender called First Tech could go to 85% CLTV, but the rate climbs at that leverage. And a bank called Bethpage has a killer rate, currently 2.99%, but at only 65% CLTV.

Good luck!

Jon

Thanks for all the info Jan. I am looking to reinvest the funds within a few months. Thanks for the info on lenders , I’ll check them out

0 Votes

Modesto/Merced, California

Also interested to get leads on financial institutions which you have use for either refinance or HELOC. What LTV did you get?

Thanks in advance .
Andrea

3 Votes

San Francisco, California

Also interested to get leads on financial institutions which you have use for either refinance or HELOC. What LTV did you get?

Thanks in advance .
Andrea

0 Votes

Modesto/Merced, California

Also interested to get leads on financial institutions which you have use for either refinance or HELOC. What LTV did you get? Also open to other options , if there's any

Thanks in advance .
Andrea

0 Votes

San Francisco, California

Also interested to get leads on financial institutions which you have use for either refinance or HELOC. What LTV did you get?

Thanks in advance .
Andrea

0 Votes

San Francisco, California

Also interested to get leads on financial institutions which you have use for either refinance or HELOC. What LTV did you get?

Thanks in advance .
Andrea

0 Votes

Modesto/Merced, California

Hi everyone , happy 2022. My names is Andrea and I am a new investor in Modesto ca. I recently bought a property that has a huge shop on the back and I am looking to turn into a ADU. I already have the design and about to submit to city for permits but I am having trouble finding a contractor or " skilled handyman" to do the job for a reasonable price .

Can anyone share any leads or how can I go about finding someone reliable that can get work done without breaking my pockets ?

Thanks in advance .
Andrea

0 Votes

Can anyone share any leads or how can I go about finding someone reliable that can get work done without breaking my pockets ?

Thanks in advance .
Andrea

0 Votes

All Forum Posts by: Andrea Ochoa

Andrea Ochoa has started 12 posts and replied 15 times.

Post: Commercial line of credit

Post: Refinance vs HELOC? which one and why?

Post: HELOC vs Refinance , which one and why?

Post: Refinance vs HELOC, which one and why?

Post: HELOC vs Refinance , which one and why?

Post: Refinance vs HELOC? which one and why?

Post: Refinance vs HELOC? which one and why?

Post: Refinance vs HELOC? which one and why?

Post: Calling my rehab pros in Modesto ca

Post: Calling all my investors in Modesto ca