All Forum Posts by: Eric C.

They seam like problem tenants, but if they smell something noxious, that is a real problem. Offer them to break their lease and let them find another place.

3 Votes

FYI it is the GNND program that has the 3 yr requirement, not FHA. But you can't get another FHA loan while you have that one, and you are stuck in the FHA for the duration of the GNND. You could put 25% down on a non-owner occupied property.

0 Votes

Originally posted by @Jacob Carlson:

Thanks for the responses guys. So, I finally found a bank that will do a HELOC on my investment property. I have been calling 3-4 banks a day for the past several weeks and finally found one. Anyway, the terms are 4.99-5.99% locked in if I use more than $10k of the amount available. I am able to get 75% LTV immediately after the property has been rehabbed and appraised. Which is great - no seasoning period required. So, my plan is to do exactly as @Alan Russell said. Use that LOC to fund my next investment property. Rinse and repeat. I want to get a property that will appraise at a higher amount for the next property that way I have more in equity to buy the next property.

Mind sharing what bank? I have a rental that I own free and clear worth about 150k. Would love a HELOC on it.

0 Votes

Originally posted by @Kyle J.:

Originally posted by @Eric C.:

Yes I could put 50% down. But would I need to do 50% down, and then immediately get a HELOC, or could it be done at closing to just do a 50% LTV first, and 30% HELOC with 20% down. It is simple math.

I understand it's "simple math", and I'm trying to explain it to you in simple terms. Let me use this example to see if it helps:

You want to buy a $100k house. If you want to only put 20% down ($20k), then that means you need to get a loan for 80% ($80k).

20+80 = 100.

So, no, there's no way you could also get a 30% HELOC on top of that.

I want to buy a 200k house and put 40k down, get a 100k first, and a 60k HELOC. Then I can pay off the hELOC with cash and then draw against it when I want to invest in another property. The GF would pay the 100k mortgage. Simple math.

0 Votes

Originally posted by @Kyle J.:

If you only put down 20%, you won't even have the 30% equity to get a 30% HELOC. You'll have a 80% LTV first position loan with only 20% equity remaining.

If you do a 50% LTV first position loan, then you'll have 50% equity remaining and you could possibly get a HELOC on a portion of that equity. But do you have 50% to put down? And if you do, why would you want to put that much down and then get a HELOC to borrow it back?

Yes I could put 50% down. But would I need to do 50% down, and then immediately get a HELOC, or could it be done at closing to just do a 50% LTV first, and 30% HELOC with 20% down. It is simple math.

0 Votes

I am looking at buying a property with my long term girlfriend. We will be doing conventional financing with 20% down (me providing the down payment. Is it possible to do the purchase with a 50% first position loan, and a 30% HELOC right from the start. I have the cash to be able to pay it off and then use it when needed for the next investment.

0 Votes

Originally posted by @Jay Hinrichs:

NOTES NOTES NOTES always positive cash flow day one.. choose correctly you will have a nice income stream.

What is a good source to learn note investing from?

0 Votes

Was a pleasure meeting everyone!

0 Votes

Yeah Beam looks appealing. meetbeam.com/?r=CASH-H1ZhjQpRYM

0 Votes

Give each parking space a number and rent them out separately as a small charge. Whoever pays more gets 2 spots.

2 Votes

All Forum Posts by: Eric C.

Eric C. has started 13 posts and replied 197 times.

Post: Condo Tenants Complaining of Marijuana Smell

Post: Can I buy RE having a FHA loan?

Post: BRRRR Method Question

Post: Possible to get HELOC at purchase

Post: Possible to get HELOC at purchase

Post: Possible to get HELOC at purchase

Post: Struggling with "cash flow positive"

Post: Chattanooga Investor Happy Hour!

Post: Where do you park your money?

Post: 4 Unit building/ 7 parking spots/ 8 cars to park