All Forum Posts by: Purnell C.

Am I the only person who owns property in Macomb?  

Looking forward to meeting so many great fans of RE and the opportunity to score a ticket to the Summit.  

@Lolita Ellis, @Daria B. Is right about shopping around:  https://www.unclecu.org/?page=loans_home_equity  2.49 for the first year but thats Ca owner occupied only.  

Call these people: The credit union, opened in 1997, has 5 full time employees and 2 part time employees. Sounds small enough.

Congratulations! Inspiration post, thanks. 

Hello Lolita, I think HELOCS are great. How soon were you planning to pay it down?

@Jerry Padilla, I agree that she should fix her credit score but she doesn't want to.  She is a friend of a friend so I cannot influence her further.  

@Jared Rine, @Shaun Weekes  is currently working with the the owner.  I hope it works because there are others lined up.

 Allowing the rents to pay off the education debt sounds like a great idea to me. I would make the effort to pay down the new loan as much as possible so that equity remains available for the next deal. 

Hello @Account Closed, 

Look into the down payment assistance programs for Ca. CA down payment assistance

The owner has a 520 credit score, but the property has plenty of equity. The income on the property is 1800 per month for one of the units. She's going to move out and rent out the other unit. 

40% LTV, 576 FICO, Cash out, 40% DTI

$300,000.00

Borrow needs cash out to purchase another property she currently lives in one of the units in the duplex and she is looking for a total loan amount of approx $300-$350,000  

Payoff in 1 year