All Forum Posts by: Carlos Morris

@Joe Splitrock.  I will go armed with previous W2/paystubs and getting a letter of start date and salary is good advice. 

@Stephen 

@Stephen Brown thanks for those suggestions. I hadn't thought of the refinance options, so when I talk to someone I'll consider that. 

@Jaron Walling it's valued at $310,000. I don't have any income generated from the Coop. My plan is to use the HELOC to purchase a multifamily residence and house hack that, while renting my Coop to generate income in the future as well. I'm considering NJ for my multifamily.

Thanks for the suggestion to call and find out.  A phone call can't hurt. 

Hi BP community. New investor here educating myself hoping someone can answer my questions. I'm currently unemployed (industry shut down by the pandemic, but I'm returning to work in September), however I'm ready to get my first property. I own my Coop outright in NYC and want to use equity to fund my first deal (the down payment) via a HELOC.

Will banks (big and community banks) grant the HELOC loan or will they require I have current W2 payments before approval? Should I be talking to banks now or wait until I return to work to begin this process? Should I be meeting with multiple banks at the same time or focus on one bank based on my research? I also want to get pre-qualified for a conventional loan at the same time. I'm trying to line all my financials up so I can finally move off the sidelines and get in the game. With interest rates at such lows now, I'm hoping to take advantage before rates go up.

Finally I want to admit, I have a lot of fear, but a even more excitement to begin my real estate journey. All advice will be greatly appreciated. I'm here in NYC and if anyone wants to throw out suggestions as to the best investor friendly banks in NYC or online please do.   Thank you!