All Forum Posts by: Chad Jackson

Thank you for all that info!! very helpful!!!

@Andrew Postell

Thank you, that is some very good information!

I could possibly occupy it for a month, how do lenders verify that you have occupied it for part of the year?

10% down, would really help.

I was going to have renters sign 6 month lease agreements, and also possibly do STRs.

I have about 70k in equity in a property.

@Frank Avallone II

Its going to be an investment property. I won't be occupying it. Im looking at single family homes.

I am looking at different ways to invest in a second property. I am mainly leaning towards doing a HELOC.

Has anyone done a personal loan to receive finances for a 2nd property?

I need about 15k

Any advised is greatly appreciated!

        Thank You!!!!

@Jeremy 

@Jeremy Kitchen

     I would also love that contact info!

     Thank you!

It definitely does!!! Thank you!!

I'm a new investor, I have done a ton or research, and read many books on real estate. I am looking for a mentor, or possibly a partner. I would love to actually meet with someone in person, and talk about real estate investing. I am located in Port St.Lucie, FL. I would be willing to travel.

,Thank you

My plan is to get a heloc and use it for the down payment on my second property. My question is whats the lowest down payment % possible for a vacation home/non-primary residence, using a conventional loan or non FHA loan. Iv heard its usually 20%. My other option would be to refinance to a conventional on my house now, and use an FHA on the 2nd property. I just don't really want to have to move all my stuff.

,Thanks!!!!

@Jeremy Taggart

I agree, I think I'm leaning more towards the refinance and then use an FHA cause of the low down payment.

If I do go that route

What do I have to do with the conventional loan to change that property to a vacation home/ non-primary.

I'm looking to purchase my second property in the next (2-6)months. I have about (100K) in equity in my current home, and I was looking to use this for my down payment. I was going to use a HELOC, because I did not want to lose my current interest rate (2.6%). I have talked to a few lenders and none of them do HELOCS. I have got a quote for a refinance with a conventional loan at (3.6%) locked for (5years) then adjusts. My current loan is FHA so I figured, I would go to conventional and get rid of the PMI.

My question is, is it possible to use a FHA loan for a vacation home loan/non-primary residence. I would like to use a FHA loan, so I could get the lower down payment.

Any advice/tips is greatly appreciated.

          ,Thanks!!!!