All Forum Posts by: Duston Gladfelter

No luck Amy, but I did recently do a refi on them and it turned out great for me.

No luck Lesley, not with the HELOC. But, the market has continued to rise and we got them refied and will actually be getting an additional 10k after closing. We planning on using our primary residences equity to make more purchases with a HELOC or HE loan. We may also be able to get a business LOC now.

Hi everyone, I'm looking for a bank that does HELOC's on investment properties. I planned on just doing a refi on my first two properties but the appraisals just came in too low. I didn't really rehab them much but was thinking the hot market pushed the process up enough. Anyway, that's a no go now. I need a HELOC on them to get access to more funds. Talked to a few banks that won't do it because they are in my LLC'S name. PenFed being one of them. My local credit union won't do it either, they also won't do a business LOC because the business is only 1.5 years old. Any suggestions?

Hello everyone, I have two rental properties under my belt (1st two of my RE career!) and I'm looking at ways to bump up the rent. I got this idea from one of the podcasts. Right now both houses are 3 br. but they both have a finished basement with 2 exits (the back door and the staircase). From talking to the township inspector that was out they would both qualify as "legal" bedrooms. How do I go about getting the county/ township to recognize the "4th" bedroom? My main reason for this is because both houses have Section 8 tenants and I know that I can have a higher rent with a 4th BR. One tenant desperately needs the help and it seems like an easy enough solution on my end. 

So, does anyone know how to go about getting the 4th bedroom officially recognized by the local government? And are there any Plus/ Minuses to doing so?

Thank you!

Thank you Jennifer. It's my understanding though, that I can't do a cash out Refi. if I don't have a loan on the house. Let me explain my situation better. We have a HEL on our primary residence that we used to by the 2 rental properties. So they were paid for in cash, basically. From what I understand I would need to do a HEL or HELOC on the two rentals to get money out of them, but doing that, even though my bank will give us 90% won't completely pay off my orignal HEL on the primary residence and it won't get the two rentals on a 30 year loan, which is what I'm trying to do.

My goal is to pay back the HEL on the primary so I can rinse and repeat with 30 year loans on the 2 rentals, but I don't think that's possible. 

I bought 2 rental properties with my Home Equity Loan. I'd like to refinance those two and put them on their own mortgages and get my money back so I can repeat the process. Is it possible to get a new mortgage on a house (2 houses actually) that don't currently have a mortgage on them?

I see them in the bookstore. 8 Forms for $99. But how are the forms delivered? Can I edit them? Can I use them more than once? 

Thanks in Advance!