All Forum Posts by: Darren Roskott

Thank you Jason for your information, it helps me figure all this out. Thanks.

Yes Chris. I am supplying the bank with my information for the HELOC; W2, tax information, pay stubs etc. I have not yet opened an LLC. I was wondering if I could start the application process and then provide the LLC name when I have it arranged, which will be within a couple of weeks. Obviously I would be using myself as a guarantor and my home as collateral.

I am applying for a HELOC and would like to register the loan with an LLC in Pennsylvania. Can I apply for the HELOC now and then obtain an LLC in the next week or so?

Any suggestions on the easiest/cost effective way to get an LLC in PA?

Thank you

Thank you Jaysen, I appreciate the information.

Have a great weekend.

I am in the process of securing a HELOC against my home to start buy and hold rental investment. I was advised to use the HELOC to buy a property outright to get "in the game" and see how it all works (as long as the numbers work). As a beginner my questions will be rudimentary.

If I buy a property for approx 100k and put 10k-15k in for renovations, how do I access the equity in the property after a seasoning period? Would I get a regular mortgage? What would be the best way to refinance, and how does this affect my HELOC repayments? I hope this makes sense.

Many thanks.

JD Gunter-Thank you so much. This is exactly want I needed to know. I appreciate the advice.

Take care.

Hi everyone, I am pleased to part of this community. I am just starting to get my buy and hold real estate investing career of the ground and need some advice. I have been doing a fair amount of research over the the last year and have learned a great deal. Now it's ready for action (I think).

My situation: I own a home without a mortgage and am looking to obtain a HELOC for 180K. My credit is good and the loan should not be a problem. The rates through First commonwealth credit union seem to be the best after calling a few banks etc. It almost seems too good to be true. HELOC 180K at a 3 year fixed interest only payment of 1.1% then will increase to 4.49% for the rest of the 10 year duration of the loan. Should I run with this deal, and also I want to start an LLC. How do I obtain the loan and "put it through" an LLC? I know these are basic questions, but I want to start right and make this venture a successful reality.

Any other things I should be doing at this early stage?

I appreciate your advice.

Regards.