All Forum Posts by: Chuck H.

Bienes,

I have opened several HELOCs both on a primary residence and investment property. They have never asked for receipts to that level of detail.

I think they asked once and I told them I would be making a few improvements, paying of an old credit card, and just need some cash to pay property taxes and a few other bills coming up.

I always stay vague and certainly don't tell them I am about to make an all cash offer on a rundown roach infested REO.

My wife and I hold our properties in our own names with PLUPs in place. Tell me this though:

We are just recently married. If she holds 3 properties in ONLY her name and I hold 3 properties in ONLY my name are we in effect getting some level of protection if one of us gets sued?

70%. I could not tell how they were identlfying the value. They did not do an appraisal..maybe just a drive by appraisal. They asked me what I paid for it. I told them I want you to loan off what its worth, not what I paid for it. I showed them my grossly overstated tax value at $100k. I then told them I wanted $75k. They said we can go $70k. I said ok.

1 week after my HELOC was funded - I challenged my property taxes and reduced my tax assessed value by almost $40k.

Good luck,
Ch.

Mary,

I have had luck with a HELOC on a non-owner occupied property at Wells Fargo. I have done my primary banking there for years. I did have to talk to probably 8-10 different mortgage gurus in various branches. It seems they have good products, but many of those in the bank just don't know how to sell them to you. I essentially interviewed bankers and told them exactly what I wanted.

I got it and did in 3 weeks, no closing costs. Mine was for $70k on a property that I purchased 9 months earlier for $55k. I then went back in and got another one. I did own the home outright and had extensive history with them including unsecured lines.

I was surprised how easy it was. Terms are good for what I am using them for. Interest only at 5.49% right now. Actually that has been my rate since i opened them.

For a Big Bank - I am really happy with them.

Good luck.
Ch.

Thanks All.

Carlos, Our price points vary by area within Dallas. We have a couple of properties in Garland and the rest are spread around from Dallas, Farmers Branch, to Plano. Ideal price point between $40-$60k.

Had to fill 3 vacancies so far this year so landlording certainly keeps me busy. Made some nice mistakes again this year. I started a blog late last year - more of a journal - its in my signature profile. Over 3 years of landlording and still making mistakes. I think you are in newbie status until at least 5 years.

Hey BP,

Finally placed my membership in this Temple of knowledge. Really enjoy reading the forums and articles. Looking forward to understanding the rest of the functionality - now that I'm a member. (like trying to get my profile picture posted)

My fiance and I invest in buy and hold properties in the Dallas area. We have day jobs, but do manage our own rentals. It is really nice to have someone to partner with on a day to day basis.

Look forward to posting my landlord issues and getting another opinion.
Thanks all.
Ch.