All Forum Posts by: Eric Hamilton

Anyone use a HELOC from Navy federal seems to be one of the few that will allow such high LTV on primary and also allow HELOC on investments with 70% LTV. I notice they say cannot be used for business purposes although Real Estate to me is an investment not a brick and mortars business just thought the whole point of HELOC was to tap into equity of your home for about any reason you see fit! As long as they get there payment and money back

Hi I have a question I know if you sell your house and have a 2nd mortgage it is usually due. 
But if I borrow against my heloc for a rental property  and then turn my primary house into a rental will they make me pay it back before I move to another primary residence? I would see no reason why as its still in your name and are making payments on it? Any advice is appreciated.

Hi I'm curious i have about 100k in equity in my personal residence could i get a heloc and a home equity loan. I love the flexibility of the heloc but like the face that with a loan i could get a fixed rate. I wanted possibly a 30-40k heloc and about the same for a loan. Thanks for any help!

Awesome! Thanks Preston and James. Yeah reusing that VA loan does seem like the most lucrative option. Well time will tell I guess we saved up a lot for our rental and will do the same. Rents keep rising so much here in Denver. Ive heard though the grapevine average rent here is $1800. If I landlord it myself we would cashflow about 700-800 a month. Not bad for a SFH!

Hi everyone I'm sure this has been done before. What sort of options or strategies can I use for getting a new home as far as financing is concerned. Currently I have a VA home loan on my residence. We have one 4plex rental with conventional financing . We want to buy another house not far from us in 2-3 years and rent this house out. Throw it on me! Thanks-Eric

I had actually heard this topic discussed briefly on a podcast the guy that was speaking about it was saying it can work so maybe hit him up here is his website and he has his contact information on there as well. Hope this helps good luck! http://bighauschapman.com/

Thanks kelly for looking into that for me I appreciate it. Kerry I did take advantage of the DOD SDP as well very sweet program as you wont get 10% hardly anywhere else.One nice thing over here as you might know is not much places to spend money so saving usually isnt a problem.problem. Thats why I really want to invest when I go back.

Thanks @Account Closed for that. So I think you are saying rates are dependent on your FICO score correct? Does your loan also have any balloon payments? Any penalties for early payoff? Thanks for your help and reaching out.-Eric Hamilton

Hey everybody just wanted some thoughts on my chances of getting conventional financing for an investment property. I know just go ask the bank or lender right? Well I like to ellude that I already have a VA loan on my primary residence and looking to buy my first investment property. I had a really hard time when I got my VA loan because debt to income was almost 50% my wife was going to school at the time. So I was the sole provider. We had decent credit high 600s. AndAnd my employment history wasn't long only about a year which most lenders I think like two. It took almost 90 days to close because of my lending situation.But luckily I had a lender that went to bat for me because he believed and worked with me.Fast forward two years later me and my wife now have near perfect credit mid 700s. Good income 6-8k per month . Own our house with a mortgage.Problem I see with them picking on us would be our employment situation. I just got activated with my national guard unit to deploy to Iraq. I have a new job waiting for me when I get back. Almost identical income from military to civilian job. My wife works but has been employed for less than a year now. I see this as the only roadblock to conventional financing. So questions I got are

1.)Should I just wait 2 years to invest?

2.) Are asset based lenders better than conventional financing besides the interest rates?

3.) Are there any other types of financing out there im missing besides partnerships or hard money lenders?

Thank you Peter and Gordon appreciate the info and definitely don't want to invest in a war zone since I am in one right now (Iraq) haha. Anyways sounds similar to the Denver market with the different situations from one block to the other.Very localized.