All Forum Posts by: Chris Haas

I just used Gene Carter and would highly recommend him.
http://www.myrtlebeachadvantage.com/

Have a good trip

I would say it does reduce your chance, or at least influences the negotiation as you describe. As cheap (free) as accounts are to open, why not open another account and transfer in what you want.  Then get the letter based on that account, or use a bank statement with the account # blacked out.

I apologize.   I only saw the title which is in big letters and didn't notice this was in the NJ RE Forum.

@James Masotti
The Carribean Resort  29th street,  2805 N Ocean Blvd
I hope to retire to Myrtle someday, but for next several years, I just hope to visit much more.
The property taxes are low, especially for owner occupied properties, and I just love the southern hospitality.  I am sure that properties that don't have the stiff management fees of short term rentals are more profitable.  I may lean that way for the next one but that will be several miles off the beach.

Just bought a place in myrtle beach and you get a much longer season. Still tough to make real money unless you manage yourself. One thing I like about myrtle rentals are you get beach vacationers of course but you also get golf renters, and lots of baseball teams as well. As I said I am letting the mgmt company rent it so it should be a passive investment but that does give up a lot of profit too. Best of luck

So it looks like the responses are from people a lot more in the know than me especially when talking on mortgages specifically. That said, I will stick with my response, that is, it's worth a call to a bank that may do a HELOC that they keep on their books. I also think you would have a better shot if it's a local bank near your property. I say that because they will know the area. I have personal friends that couldn't give me a loan (through their mortgage broker) on the condo I am buying because they just don't do those loans because they can't sell them. The main advantage between a HELOC and refi (in regards to pulling out equity) is that a HELOC could be totally free, or maybe just the cost of an appraisal, or around $500, compared to the closing costs of a full refi which someone mentioned above is much more costly. Best of luck.

I am currently financing with Crescom bank for a new purchase of a condo-tel.
I realize that wasn't your question, however I agree a refi is really to costly to work out and only a heloc would work.  It's worth a call since many places won't finance a condo-tel and they will.  
They are super nice to deal with thus far, I haven't closed yet but I would say worth a call to see if they would heloc a rental.  If 15K helps you worth the call to see.

I'm following this as I am interested in buying a myrtle property and would have the same question.  You just said SC, do you mind sharing the general area you decided upon and why ?

I should have mentioned it's a variable rate tied to prime but can be interest only payments if you want to go that low.

My heloc is at prime 3.75 with bbt.  I think that would be a much cheaper option.  My heloc has a 10 year draw period, and I believe after that, it's another 10 to pay it off.  I really think a heloc will be cheaper, less paperwork, and faster to execute.