All Forum Posts by: Chris Turek

I'd be open to discussing this.  Can you pm me 

Given my income and credit score it's more than likely I will qualify for any loan program with high standards. I don't mind the paperwork I just need to find the right lender. I can't imagine willingly refinancing to add +4 points to a half a million note. 

I’d love to get some ideas on how to get equity out of an investment property.  I have an investment property worth ~1m with a note on it for just under 500k.  The current loan is 3.5% so I won’t refinance into a new mortgage.  I would like to take 200k out of this property to purchase a new investment property.  Does anyone have any ideas where to start.  

Thanks

Chris 

Deals don’t work right now because we are in a bubble here in NJ.  Single family homes are overpriced what you could rent for.  People are pushing up the price of investment properties even though they can’t be rented for that price because people are living in them etc.

I recently heard about an all in one mortgage.  I wish I knew about this early, it sounds like it wold have saved me thousands over the last couple years.  First, I would love to hear any all comments or advice in general on these as I am completely new to them.  I do have some questions. 1) I understand to get the max advantage of these you should do your “banking” through this.  Does this including daily stuff like buying groceries or a meal?  If so id there a debit card?  If yes, what happens if that card is clone, stolen, etc and fraudulent charges are made?  Are you liable, do they have the same fraud prevention banks like chase have ( I have had my card cloned 2-3 time in the past couple years)

Next, many people mentioned they do this on their primary? Is there a reason for this? I have a 2.75% rate on my primary now and would hate to give that up. I have a 2 family that is worth about 900 that I owe 500 on at 3.5%. I was looking to get a heloc on it but I am now thinking an all in one might be a good option. I have excellent credit, income, etc. For those of you with experience why would I want to do a primary vs investment property. What kind of LTV and rates are available or a better question might be how much high is the rate on an all in one vs traditional and on primary vs investment? Also, are there any online calculators out there on these that are good.

Thanks in advance, this forum is always such a great reason.  I really appreciate all the time people so generously put into make this place so great.

Thanks

Chris

 I believe the previous point correctly answer the cost seg question.  As for the other question I think it deserves more time.  It is very possible your wife meets the requirement of an active investor already, however, only you and her would know.  You can and should get advice from a professional but here's the free advice I will give you.  Always remember you can write whatever you want on your tax returns, it is what you can prove in an audit that will matter.  If you really meet the criteria for an active investor but do not adequately document things you might still loose in an audit.  You might not actually qualify but have great creative documentations skills and pass an audit.  However, in either case you need to really know the rules and work on building the proof that you do.  Find an accountant who specializes in real estate, has worked with many active investors and successfully been audited.  I'm guessing their are plenty on here who can help you.

Good Luck

Chris

What bank? Do they lend in nj

Looking for information and advice. I have a 2 family on north Jersey. I have a mortgage at 3.5% and owe about 500k on it. I believe the house would appraise for over 900k, but let's assume 900 for this post. I am looking to understand how much I could take out or max LTV either way on a HELOC or equity loan. Also, assuming if a lender went to 85 or 90% LTV the rate would take a hit, how much could I take out at whatever the best rate is? I have excellent credit and financials so FICO or DTI should both be good. I'm assuming it wouldn't make sense to refi as I would be giving up the 3.5% rate I have but if someone has facts that lead to a different answer I'm open to that as well.

Thanks

Chris

@Kaybreh Mathis Based on your question and forum I think I understand what you are asking but I want to clarify as I think this will help us help you.  Do you already own a property and you are considering rehabbing it so you can rent it, but are trying to figure out how you will refi it once you have it rehabbed and rented so you can repeat?