All Forum Posts by: Jim Kalish

I hate to use this expression but it all depends. On the fix and flips I don't think it matters since you won't have the note very long. And your hard money lender is more concerned about the ARV. But for the ones you plan to BRRR it can make a difference. Freddie and Fannie have a limit of 10 mortgages. So you have to keep that in mind. If you think you will need more than 10 notes in a personal name you will want to keep them separate. But that only works if each of you individually can qualify. If only 1 person is on the note then only that person's income can be used to qualify.

Here is one more that will do HELOCS on NOO in a personal name or an LLC.

Quorumfcu.org
Mark Panella

925 519 6734

A little pricey. Prime +4.5% and you do have to pay for appraisals and closing costs. But with such a limited pool of lenders it might help knowing these guys.

Symmetry Lending told me they will only do Primary and secondary. No NOO.

Here is one more that will do HELOCS on NOO in a personal name or an LLC.

Quorumfcu.org
Mark Panella 

925   519   6734

A little pricey.  Prime +4.5% and you do have to pay for appraisals and closing costs.  But with such a limited pool of lenders it might help knowing these guys,

When I spoke with the 3 I'm considering, PenFed, TD and Harris, all of them said a full appraisal is needed. And depending on where you are these can get a little pricey. They used to 400-450 I'm Charlotte. Now they run 750-800. Not a big number but just something the be prepared for. 

@Kerry Baird Outstanding list!  I've called 90 plus lenders over the last couple of months and you hit any positive responses I got.

@Scott Mac Thanks.  All great suggestions.  

@Jason Shackleton Thanks Jason.  I just grabbed it on Audible.  Even comes with a pdf of all of the charts and graphs.  I'll listen to it in between listening to Brandon's new 2 volume book The Multi-Family Millionaire.

Thanks Jay.  I appreciate the response.  But I have my goals and plan.  The question is more about what to do on a daily basis to achieve the goals more effectively.  I already 5 properties with 9 doors and everything has a positive cash flow.  So now its time to grow my portfolio to increase passive income and increase cash on hand through flips.  I know different people have different approaches.  But as a Project Manager for over 40 years I know I need a daily routine.  I learned the routine I used from successful PMs who were in the business a long time when I started out.  So now I'm hoping to do the same in investing.

Thanks Again

Hi BP Family.  I've recently retired from my W2 so I'm switching from a part time investor to a full time investor.  No, I didn't retire because I'm cash flowing enough.  Wouldn't that be great:).  I retired because I'm old enough and my W2 job made it possible.  But now it's time to pursue my passion full time.  But I find myself bouncing all over the place.  I don't have a set routine to be sure I touch all the bases every day.  When I was at my 9-5 (ok, 7-6) I had a set daily routine that I tried to follow whenever possible.  And when I didn't I wasn't as efficient or effective as I was when I did follow the routine.  In case you are wondering, and I'd be surprised if you are, I was a Project Manager for large design and construction projects in the commercial world and the utility industry.  So I'm hoping there are some other OCD folks out there like me who have a really good daily schedule that is making you successful.  Any advice or links to good sites would be greatly appreciated.

Thanks

Jim

I agree getting a HELOC in a personal name has limited options. I called over 90 lenders, big banks, local banks, CUs. Except for the few positives responses I listed above most said absolutely not. Some blamed it on COVID. I think it's more about the cost vs the reward for the lenders. But the door is not closed on this.

There are business lines of credit you can get in the name of your company but for most investors those are even harder to get. 1.25 DSCR. Positive income on your business taxes. And let's face it, if you do it right none of us show much on the way of pass through income. And you have to redo it every year or two. Gets real expensive and time consuming. I spent 2 months with US Bank trying to pull a deal together. Eventually it fell through after they lied to me.

But if you have a decent credit score and verifiable income it is doable. I'd start with PenFed.