All Forum Posts by: Dessiree Jimenez

 Hello Frank

I ended up getting approved for a HELOC @8%. It's significantly higher than most traditional HELOCs but with them I was able to get $130k. I need to do something quick with this money so im able to pay it asap. My goal is to BRRR. I'd like to acquire a few LTR/STR to replace my w2. Im stuck! I dont know where to start. My market is way too expensive right now. (SoFLo) I'm considering other markets but dont have anything in mind. I'd love any feedback.

Thank you

Dessiree

Hi,

Thanks so much for your response. As i mentioned before, I am interested in BRRRing a property. My goal is to acquire a few LTR/SHR to replace my W2. I took out a HELOC and the rate is not too favorable. It's more like a private money loan. $130k @8% interest! I didnt qualify for a traditional HELOC because of my DTI. So having said that, do you think i can do something with that in your market. If so, i'd like to dive deeper into possible options.

Thank you

Dessiree

Hello, I am looking to jumping into REI. I am currently in SoFlo as you may know this market is extremely crazy right now, so im choosing an area more within my reach. I have zeroed in on the Jacksonville area, specifically 5 minute radius from TIAA stadium/Downtown. I noticed some properties on Zillow that look good to BRRRR. If anyone has any experience investing or selling in this area please lmk what you think. Thank you soo much!

Thanks for responding. I would definitely appreciate if you shared your contacts. In fact, I'm considering Pa to start my REI journey. Thank you

Thank you very for your input.  I understand 100%.  As for the equity I wasn't very clear, but the 80% is the $150k.  I want to tap into that before the property values start decreasing.  

I notice you are an investor in Hanover Twp, PA. Coincidently, i'm considering to start my investment journey in PA, somewhere outside of NJ/NY.

Thanks for your response.  

Hello everyone. I'm very new at REI. In fact, I have not purchased my first investment property because I dont have the funds. I do have about $150k equity in my primary home. I applied for a HELOC through a major bank and was denied due to DTI. I have good credit, very little debt and received a counter offer of $25k.

My question: I know there are many "investment friendly" banks out there, but will they approve a HELOC with the intentions to purchase an investment property, regardless of DTI. I guess the real question is if they will consider the potential rental as "income". If so, which banks should i consider and how should i go about that process.

Thanks so much in advance.