All Forum Posts by: David Burns

@David Kuhlke There are several credit unions in NC that will do a HELOC up to 100% of your equity. I don’t know what state you’re in so not sure if they lend in your area but I would keep looking for someone to do this. It’s a great way to have access capital with no extra cost unless it’s used.

I would like to do a HELOC on an investment property in NC. I have reached out to PenFed but they said I had to have lived in the property, currently live in the property or plan to live in the property. Since this is, and always has been, purely an investment property they would not do a HELOC on it. I've called other credit unions and banks but most that will do a HELOC on an NOO property will not do one for someone who has more than four mortgages, which is my case. Does anyone know of a credit union or bank that does not have these guidelines?

Thanks

I think most anywhere in Wake Forest is a good area.  There is a small pocket north of downtown that I would avoid but other than most areas are great.  Finding a deal that cash flows well may be the real challenge.  

@Brielle Ford I would say it depends on how fast the sellers want to unload the house or what condition the house is in. You can easily find a list of buyers/investors who might be interested. You can add me to that list.

Josh, maybe it’s just me but I would not consider Selma an extension of Raleigh. I don’t see any of Raleigh’s future growth affecting growth in areas like Selma or Smithfield. I guess I could see it 20 years down the road but I’ll probably be dead by then. Maybe I’m wrong but just my opinion. Personally I wouldn’t buy anything in those areas but I recognize that everyone’s criteria is different. Good luck with it if you move forward on it.

Welcome, Peter. I have several SFH rentals around the Wake Forest area. Let me know if I can be of any help.

I think it’s coming to Raleigh/RTP. I hope not, but I think we’ve got a good shot at getting it.

I would pass on this deal. Not enough cash flow to have $40k wrapped up in it. Regarding the rate, I’m seeing 5.125% on 30 year fixed (no pts) and my credit score is 800+. Maybe the difference is mine are always cash out refinance (delayed financing).

Yeah, that’s high. If there’s nothing to pay at closing like inspections, surveys, etc. my closing costs usually run around $1,000, but no more than $1,500.

I buy all of my appliances from Sears. The Kenmore brand is great and I’ve found I can get better pricing than at Lowes or HD.