All Forum Posts by: Brandon Borah

@Paul Shannon thank you Paul!!

@Paul Shannon where did you get your business line of credit? I have a few rental properties with great equity that I would like to tie to a business line if credit.

Yes.

Elements Financial and KeyBank we're two of the big ones. Their are DTI requirements, Credit Scores, etc. but they are definitely out there. I would first call the local credit unions as they typically have the most flexibility and you can build that relationship for future deals.

@Gautam Venkatesan unfortunately only owner-occupied.

@Mike D'Arrigo and Lake City Bank

@Mike D'Arrigo I found a few. Elements Financial, KeyBank, Energy Plus Credit Union. They have obvious stipulations regarding income, DTI, etc.; however, they are available. Took about 20 calls or so to find some.

@Account Closed Thank you. I will. 

BiggerPockets Community

Does anyone know of a local (Indianapolis) lender that does 100% LTV HELOC lending? The lender referred to in the past, no longer extends to this limit.

Thank you, 

Brandon

@Erin Donlan ... I would reinvest the profits in down payments for other properties. I'm working with a group for this area and are doing the traditional prospecting, flyers, etc. ; however, to your point, this market is rapidly growing, so prices for these purchases could also be inflated. 

I honestly have never done a cash-out refinance, so I'm entirely familiar with the process and the total benefits. Would this not raise the total PITI substantially impacted future cash flow in a big way? I have a HELOC on that property which I have roughly 75% available to utilize. Not sure if that plays a role either, but wanted to get that out there just in case.

I've always thought I would hold onto this property for an extremely long-time, but I also don't want to be foolish and lack the flexibility to make a wise investment decision. 

Hello BiggerPockets Family!

I have a home in Fishers, IN, which is a pretty hot market for rentals, but even more so for selling. I currently have a rental with a PITI of $591/mo and projected rents of $1,350/mo (tenant moves out on 4/30/16). I owe ~$95K and could sell if for $170K with approximately $10K being put into it (so ~$45K to $50K profit when all said and done with commissions and additional costs).

I lived in this home for 2 of the past 5 years, so I would be excluded from the capital gains tax, which is now why I'm in debate of holding this as a long-term buy and hold strategy or sell and reinvest the profits into other properties. 

I currently live in another ranch in Fishers with two roommates who are renting rooms from me, but would like to eventually turn this home into a rental as well. If I sold the investment property, I would be able to sell my current primary residence in two years and get the same tax free exemptions, even it has become a rental (so essentially repeat the process from above). 

My question is based on your experiences, is it better to cash out and sell or hold for the future? Based on what I've seen, most people swing one side or the other, but was curious to see if any one has used a strategy similar to the one I am presenting above. 

I appreciate your input!