All Forum Posts by: Dave Brodie

I'm looking to take out a home equity line of credit against my primary residence in Ohio. However, I have 9 mortgages for rental properties. I spoke with a couple banks, that said that while I have significant equity, strong income, and great credit score, they can't issue a HEL0C because I have more than 6 "loans". Does anyone know of any banks in Ohio that will issue a HELOC to someone that has 9 mortgages (8 on rental properties).

Thanks,

Dave

Hello -

I've bought a 6 duplex's in the past year using the same realtor. I recently placed an offer for another one and noticed a "promissory note" of $1,000. This sparked my interest as I expected the realtor to be paid commission from the seller.

I looked back at my other properties I purchased and noticed on the first 3 I paid the realtor $2,500/duplex and the second 3 I paid her $1,000/duplex.

I'm disappointed in myself for not catching this earlier, I assumed she would have been forthright. 

My stupidity aside, is it common practice for her to charge me $1,000 to $2,500 to use her services AND received commission fees? If so, is she required to speak to me about this or just sneak this into the pile of documents?

Any insight from professionals is very appreciated.

Thanks,

Dave