All Forum Posts by: Bruno C.

@Michael Floskis I’d recommend George Lough from Merolla Accetturo & Lough, they’ve been good to work with over the years and George is reliable. Feel free to PM me if you need his contact info.

@Peter LaBreck I've done both, used a HELOC under my own name (with credit unions) and have done a commercial LOC through a different bank, under an LLC.

@Jessica Kirby I used Unify FCU based out of CA (they are nationwide) and I found them to be really helpful. Interest only HELOC, and on an investment property. If you need a contact there PM me.

@Jesse Chambers as for rates, I just wrapped up a HELOC on a 2 unit that got me in at prime + 0.75%, and my lender goes above 80% LTV. If you get one for below 80% LTV, you can even get prime -.25%. I also closed one in ‘16 with Unify FCU which was interest only and that was a positive experience as well - they were based in CA at the time.

I personally recommend the HELOC so you can maximize your funds for when you need it. I've down 2 HELOC's and 1 cash out refi, and for me the HELOC is definitely preferred if you're looking to scale your portfolio at some point in the future - only have to pay interest when you take action.

@Tim Wilkinson I may have a commercial lender that could help here - PM me for details.

@Colin Williams you can PM me directly for some potential contacts. I have a family friend who has owned a property on nearby St John for a long time, and they most likely have contacts for cleaning and turnover, including maintenance. Most of the people and resources on the islands are based in St Thomas as there’s a short ferry between the two islands.

I allowed a guest who was going to have his family there, but I required him to book first before making that happen. Once they booked (with a flexible booking) it gave me confidence they were serious, and the 30 minutes I spent with them was fine - they were perfectly good guests and treated the place well. They had a very specific situation for visiting the place. However, as others have said proceed with caution. 

@Don Carey a few ways:

-network here on BP with other investors - some may already have connections.

-visit your local small banks. Some of them will be portfolio lenders. We have a local relationship with a bank in RI that gets us rehab funds and no seasoning needed, so once we are done the rehab we can cash out. 

-Speak to local agents or other traditional lenders who may have a referral.

Mark Ferguson goes over this in detail in his article here:

https://investfourmore.com/2013/05/12/how-to-find-a-portfolio-lender-who-will-finance-multiple-investment-properties/

Hope this helps and best of luck!

@Don Carey this is typical with most conventional residential mortgage brokers and is called seasoning. 

If you want to get around it, find a small credit union or portfolio lender who can create a custom loan for you, and that won’t require seasoning. 

@Jacob Prelle definitely need more information here...which calculator are you using? Can you give details of the numbers? Then people here will be able to tell you if it makes sense or not. 

PS I Don’t see any “Airbnb” calculator...