All Forum Posts by: Jared Bouzek

And by the way, I have no affiliation with either one of those banks. I'm just aware of their programs due to research I've done for some of my own clients.

I'm confident Vectra Bank will do a HELOC on an investor property and they have good rates. I have a contact there if anybody wants information. Also check with Everbank. They have a product called the Preferred Equity Line that is a first position HELOC and can be used on investment properties. I'm pretty sure Everbank will go to $2MM on their line. I do have contact info for an Everbank loan officer as well.

@Jeremy Golob Welcome to Bigger Pockets. Great to see another member from Castle Rock. Are you looking to invest in the Denver area? Check out the Ultimate Beginners Guide for a good starting point. 

I love living in Castle Rock and have enjoyed seeing the development and growth of the town. Maybe I just travel at the "non-peak" times but I rarely fight any traffic in Castle Rock except for when we had construction on the parkway. I think a lot of the resistance to the growth is coming from people who have lived in Castle Rock since it was a small town and will do anything to preserve their memory of what it once was. As Dan Mackin pointed out, it's easy to look back in hindsight and say we should have gotten out in front of all of this development. The reality is that we're in the here and now - growth isn't projected to slow so fight the battles we have now. If things were the other way around and the town counsel had heavily developed in anticipation but growth slowed, we would have those complaining that we wasted money overdeveloping. We'll never be able to please everybody.

Definitely agree with @Matt M. about renting for a short time period to get to know the city. My wife and I did this when we first moved to Denver with a plan to land in Thornton. We wound up on the opposite side of the city in Castle Rock because we liked it better after exploring around for a while.

What type of investing are you currently doing? You can make a lot of great connections here on Bigger Pockets and then build up your network once you're here through some of the local investor meetings.

The 3% down conventional product that is referenced above is called HomeReady. An occupant borrower cannot have ownership interest in another property at the time of closing per Fannie Mae guidelines. HomeReady also has income restrictions based on the county the property is located in. You can find the HomeReady guidelines here: https://www.fanniemae.com/content/fact_sheet/homeready-product-matrix.pdf

@Westen Barnes I would recommend you connect with @Bill Gulley. He is located in Springfield and runs a real estate education company. Might be a good idea to get in on his free introductory course to get started. 

@John Scheving Congrats on finding Bigger Pockets. I am a displaced oil & gas engineer myself and found a new home in real estate. I've been learning quite a bit from Bigger Pockets and learning about aspects of real estate investing I never even knew existed. You'll see other O&G people show up on here once in a while. I'd be happy to help out a fellow Colorado oilfield friend if you ever need anything. 

Westen Barnes I grew up in Cassville. Left in 2007. Small world. Good luck getting started with investing.

@Pete Triantafilou Apologies. I must have missed the notification that I had been tagged in this. NMLS is an organization that regulates the licensing for lenders. They won't have reviews in their database - only reports of violations by that particular loan officer if they have any. You can search their NMLS # and then look at the section that says "State Regulatory Actions". It should say "None". It's not the end-all to verifying a loan officer and the entity they represent but it is one quick method to see if somebody has filed a complaint against them with the NMLS.