All Forum Posts by: Bryan Doan

Hi,

I used to have a property management company handled two of my rentals -- they signed rental leases for these.  Recently, I took back the rentals for self-management.  Now, the leases are about to expire and the tenants would like to stay.  Would you rather start brand new leases or do renewals instead?  I thought of doing brand new leases but then you have to have the inventory check-list redone while doing renewals you are stuck with the original leases with the old property management company as you always have to refer back to it.  

What would you do?  Any insights would be greatly appreciated! Thanks! 

Happy Holidays everyone!  :)

Looking for advice on my situation... 

• I applied for HELOC on Nov 24th with PenFed
• I offered on a townhouse and got accepted on Dec 12th.
• I started working on the loan immediately after that and the lender asked about the PenFed inquiry on my credit report and if I got a loan for it.  Since nothing had happened I said No.
• Dec 14th PenFed got back to me and said I was approved and would like to start on the closing process

Questions:

1. If I proceed with closing the HELOC, would the lender for the townhouse know about it and give me issue? The final closing doc will be drawn up on Dec 31st.

2. If the HELOC does not appear on the credit report yet, would the lender find out about it?  

I just don't want any delays so thought of just moving forward but not sure if lender will know about the HELOC and delays the whole closing process with the townhouse.

Thank you very much for sharing any experience/advice you may have!

@Clay O.... Thanks Clay! Called them but unfortunately, they offer HELOC on investment properties only if you own 3 properties or less. If you own 4 or more, they only do it on primary home which is not what I want. I have 4 and would like to do on my rental properties.

Any other suggestions, anyone?

Thanks again!

-Bryan

Hi,

I'm hoping to get a HELOC on my rentals but at 2nd position -- Does anyone know any banks would offer that?

Thanks!

-Bryan

OK... I'm still undecided on what to do -- whether I should refi or keep my line of credit.... 

So I have a line of credit on my primary residence.  I got it last year on a promo offered at BOA.  During the last few months prior to Oct, my rate was 1.7% but since the promo ended in Sept, it is now 2.6% which is still low.  I thought after the promo period the rate would be really high -- probably in the 4's, so I went to apply to refi on my primary residence to pay off the line of credit.  I got a refi rate at 2.75 with about ~ $1.7K lender credit at closing (appraisal waived as well).  It turns out the line of credit is even lower than the refi rate and that makes me think if I should move forward with the refi.  I know the 2.6% rate is not fixed and changing monthly but the Fed said they would keep the rate low for the next couple of years so the rate may be still low and under 3%. I talked to the lender that I'm doing refi now and they said I can only choose one: the line of credit or the refi.

I don't really want to lose that 2.6% but still want to do the refi as the rate is low as well.  There's nothing else on the house except that line of credit and we may pay it off in the next 2-3 years or so, but that is still in the debate if we should use the funds for investing elsewhere than pay off the house.

If you were in my situation, what would you do, please?

Thanks!

Hello...

Just like Mark, I'm interested in some kind of investments as well. And pretty much in similar situation, I'm currently oversea and have about the same amount of savings and would live to invest it wisely, so that when we are back to the US my wife does not have to work but stay home with the kids as is now.

My hometown is Seattle and I have a house there currently for rent. We bought it back in 2006 and rented (with a negative cash flow) when leaving to live oversea as the housing market was down and I did not want to sell the house for a loss. Seattle is an expensive place and I don't think it's a good idea to invest in rental properties there. By the way, my house was bought for 470K in 2006 and currently rent for 2050 a month which gives me a negative cash flow after mortgage/taxes/property management fees etc.

Where would be the good location that I should look into buying rental properties in the US? I think if we buy out of state rental properties we can have property mangers to manage them...

Thank you for any inputs/advice that you may have...

-Bryan