All Forum Posts by: Devin Chong

Hey David, thanks for the quick response!

I got pre-approved from a lender recommended to me in the Ohio market. But feel the terms are high especially with the Fed lowering their rates recently.  It is a fixed 30 year conventional loan @ 5.25% for a 2-4 unit multifamily property requiring 25% down (not my first rental property and also not owner occupied).  Are these terms high or average?  Anyone have any lenders they work with in the Ohio marketplace?

 

Hi BP Friends! 

I am a long time listener but this is my first post! My parents have a small portfolio of single family homes that have all been paid off this past year leaving them with about a 1.5 million in equity and have HELOC's are in place on a few of those properties.

How can I leverage their equity when I find my next BRRRR property? Will I want to list them as co-owners on the title? Can they borrow the necessary funds from their HELOC and I create a note? Are there other private money or creative financing strategies I am missing?

Thanks in advance for the feedback!