All Forum Posts by: David F.

Thsnks Aaron. I've looked into securing helocs at local banks/credit unions. The credit union will open a line of 100k+ but requires monthly payment of 1% outstanding loan every month. The local bank 50k line at prime variable - outstanding loans after 12 mo go up quickly to 5% all the way to 12% if balance more 5 years. If I needed 25% down for this triplex ~100k, wouldn't using a heloc be prohibitive as it blows my ltv ratio up? Aren't I looking to get money out with a repayment period spread over the longest period of time at the lowest fixed rate I can find? Home equity loan or refi cash out not a better option? Or another instrument / strategy I haven't thought of? Thanks to you and the community to help thinking this through.

Hi All, New here and wondering the best way to finance a 3 unit i have my eye on utilizing the over $200k in equity in my home without putting down cash. I was thinking down payment with a HELOC but the repayment terms are short and steep (ie 1% of amount borrowed/month).

Thanks for the suggestions.