All Forum Posts by: David DeRiso

Patrick,

Thank you for such a thoughtful response!  So sorry I didn't see this sooner.  I must figure out how to be notified of replies to threads I start.  I will definitely check out the business journal.  Great way to save time rather than cold calling banks who might not even be interested in the loans I'm looking for.  

Thanks again!

Thanks for the thoughtful response @Jason Sinclair.  I'll have to talk to someone at Vantage and see what they are offering now.  Best of luck to you and your partner. 

Hi BP!

(First post BTW)

I am looking to buy my first investment property. I am currently shopping around HELOCS in order to fund this. I own my primary residence free and clear and have found a HELOC that seems good.

$190 appraisal fee

80% LTV

Rate is prime no margin

5 year draw w interest only payments then balloon payment due (or renegotiation)

No other fees

I'm hoping to BRRRR multi family properties in St. Louis so hopefully I will be able to refinance properties to traditional mortgages and not get bit in the butt by the balloon.

Just want to make sure this is a good way to go.

Thanks!