All Forum Posts by: Brendan Miller

Hasn't he made this statement numerous times already over the past several years?

@Irina C. thanks for the recommendations, I'm familiar with Praxis but not the others mentioned, I'll check them out. 

@Kuriakos Mellos it would be the lender of your SFH that would technically need to give you the thumbs up. Your new lender just wants your business, haha. It's highly unlikely for anything to happen even if it was only 11 months, but it's good to be safe either way. Otherwise most loans allow for you to deviate from that requirement if there are extenuating circumstances which relocating states for a job may qualify for

@Irina C. I would be interested in any good syndicator contacts that you've used also. I'm mainly looking for 506b funds at the moment

@Irina C., I just invested in Cityside Capital with Tim Lyons (not on BP). I met him through a different network. They are a syndication broker, so they find capital for other syndicator sponsor deals. They perform due diligence and independent underwriting which I liked. They prefer 506b deals, but do offer some 506c funds. PM me and I can send you his contact info if you're interested

@Kuriakos Mellos you shouldn't need to notify your condo lender, typically most loans only require you to live there for a year as your primary. As for your SFH lender, you'd need to check your specific loan terms, but technically most loans require you to live there for 1 year as your primary, so if your move has flexibility then I'd time the dates to align with the 1 year requirement. As for your condo, you will also be able to qualify for the capital gains exemption if you lived there for the past 2 of 5 years. I just sold one of my condo properties utilizing this exemption, and it's an awesome tool to building wealth.

@Account Closed I'd reach out to PenFed Credit Union about the HELOC. I just recently put one on a condo investment property that I had in AZ, and i received a lot of feedback from other lenders saying they can't lend on condos. Since it's a primary residence, it's even less risky, so it's worth a shot.

As for your other question, if you know you're going to use the money immediately (to buy other properties in sounds like), then I'd put a traditional 30 yr fixed loan on it, you'll likely get a much better rate, and you could use the cash the same way you'd use the HELOC.

@Brock Steger, not sure about 3rd position, but you could reach out to PenFed Credit Union. I used them for a couple HELOCs on a primary and investment property earlier this year. A lot of lenders have stopped issuing HELOCs so I'd assume a lot are being more conservative with underwriting also. It's worth a try to give PenFed a call though

@Emanuel Martinez i've always used my realtor or property manager's leases. For example, when i purchased a new home and rented out my old one, my realtor provided the lease agreement and listed the unit on the MLS. Another option in BP Pro has state specific lease forms, but requires membership to attain. Otherwise you can google state specific lease agreements online, and there are free options there. It's always cheap insurance to have someone knowledgeable help you draft them though.

@Bob Metry he would have to have lived there as his primary residence for at least 2 of the last 5 yrs. I just used this exemption and it’s a huge benefit to reinvest money in more real estate