All Forum Posts by: Clay O.

If you used cash you shouldn't have a seasoning period. 

Yea that could work but you will have to find the right investment. You could flip one and have more cash to finish your primary but it depends on what your goals are. A couple of things to remember on the investment property:

1. You probably will have a 6 month seasoning period on the initial loan (which means you cant refi until that time is up) but check with your lender. 

2. On an investment you normally can only borrow 70% to 80% LTV so I would call around to some local banks and credit unions to see what they will do.

Investment Property, SFH, cash out refi.

@Mark Millich I had that same mindset but it didn’t work out. I had a property but he couldn’t keep tenants and since the rent was so low he was not making much money so did a poor job of managing. I sold after a few years and ended up losing about 3K and quite a bit of sleep.

@Jeremy Ballard Any reason not to do both? Open the HELOC now and when you finish the house close the first one and open another, or see if the bank will do another appraisal and update your amount.

@Nik Moushon I have used cozy for over a year and it depends on what day the payment is made. But usually about 5 days.

@Sean McCluskey 15yr fixed, 80% LTV and 4.9 % interest. Was what I was quoted last week.

@Johan Yang I would do some searching on this topic. If you collect the rent for a year you may have an issue trying to evict, if you need to.

@Brandice Walters I would replace. I have had an appraiser ask me how old hvac, roof, appliance etc.. are in the past. Not sure it will bump your appraisal by 5k but it would probably save some service calls.

@Alvin Uy my lender said they use the available amount of the HELOC when calculating DTI. So if you have a 100k HELOC available and have not taken any of it out it would still look like you have 100k borrowed.