All Forum Posts by: Jacob Trogan

@Alex Olson thanks Alex for anyone else who is looking in the future what CACU told me is you cannot open a HELOC with a higher value of the home until 1 year has passed since that purchase price for example

Purchase price in Dec 2021 = 250k

Until Dec 2022 max Value in LTV is 250k no matter what, if you have heard differently let me know

@Joe Splitrock thanks Joe, good to know

Hey everyone I believe I have had a recommendation for a HELOC with CACU here in Kansas City and I think they have a great product but it is not I/O payments. If I was told wrong or they do allow I/O payments let me know. My main question is if having your credit pulled by a bank for a HELOC acts in the same way as a credit pull for a mortgage? Since with a mortgage once it has been pulled once, you can have it pulled as many times you want within 30 days or less (I may be wrong I have also heard 14 days) without it hurting your credit additionally. So for example if you had it pulled 5x from 5 different mortgage lenders it would only go down 3-5 points as if it was a single inquiry despite showing up as multiple inquiries on a report. If how I have worded this is confusing ask me to clarify and I would be happy to.

Second question is what banks/credit unions you guys would recommend for a HELOC aside from CACU?

@Miguel Bautista I just installed windows and I too initially scoffed at the prices, I got one quote for $400 per window, I wish I took that, it was the lowest I believe, I bought cheap windows at HD for $160 each and tried installing them myself, pretty simple until it’s not, I had wood rot problems, honestly still easy and you could do it yourself but will take time and stress you got a lot so once you learn one easy you do the rest. If not take a quote of $300-$400 per window

@Mason Weiss not living in Gilbert anymore but grew up there and know the market very well, you look young too, reach out and I can see how I could help, I’ll be out there January

@Darek Michnicz depends what area of Phoenix you want to buy in?

@David Franklin someone will give you money if you have the equity, talk to more people, look outside of conventional if you have to, talk to local banks, you will get that cash

@George B. I agree with Bud, I would guess the monthly payment is over $100 more which is no small sum, but if you can easily get another 10k from another income stream or you job put more down, if you see yourself buying another property in 24 months or less I would hold onto the cash, but use that cash in some other form to invest

@Jacob Trogan I can’t say I recommend flipping here though it can be done, rentals would be the way to go

@Bhargavi Karumanchi lower class area, you can get good cash flow because it’s a cheaper area, if you want something more hands on this is that, it would not be an appreciation play here as much as a cash flow one