All Forum Posts by: Tomasz Banas

I plan to purchase & hold my next investment property. I will apply for a loan that requires 20% down. At the same time I would like to apply for HELOC on primary residence to pay for that down-payment.

Will that work? I'll deal with portfolio lenders, not big banks. Should I apply for max I can get or just the amount that I need? I heard that not used line of credit still can work to my disadvantage (i.e. 100k LOC where only $20k is used still shows $100k).

Any advice will be appreciated. 

Done, thank you.

I didn't include it in the lease this first time, so I will have to notify them. I think it's a great idea to add it to lease. Here's what I have in my lease:

"In compliance with New Jersey Code § 46:8-19, Landlord shall place the security deposit in a bank savings account or otherwise as required by the statute, and within 30 days provide the tenant with written notice of the deposit’s location, amount and interest rate. Interest accrued on said deposit will be paid to the tenant annually."

Good evening BPers. I recently joined BP and this is my first post.

I just became a landlord on my first buy & hold. I know that in the state of NJ (and some other states) tenant has to be notified by landlord in 30 days where the deposit was placed, including: name of the bank, type of account, interest rate, etc.

Do you have a template of a notification letter that I could use? I don't want to miss anything.

Thank you in advance.