All Forum Posts by: Justin Lee

@Justin Lee He's finding lenders for either a HELOC or refinance. Normally he wouldn't have us do the HELOC through him, since going straight to a bank will have better rates. Since we couldn't find a bank to lend in our situation, he's helping us. He's been acquiring new connections with lenders that will do HELOC or refinance on investment properties and working to find us a lender.

Wow! That's extremely nice of him. I hope it goes well and hope to hear about it !

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Originally posted by @Kelli Gaul:

@Justin Lee I'm working on trying to get a HELOC on one of my properties now and it's been difficult. We tried calling around, but many lenders don't want to give HELOCS on investment properties or the ones that do want seasoning of at least 6 months, some even 12 months. Using our mortgage broker has been the best option for us in this situation. If you've had the property for a while, it'll be easier than it's been for us!

Hey,

What are you using the mortgage broker to do? Did you cash out refinance?

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Originally posted by @Greg Jeanfreau:

I opened one on an investment property last year with First National Bank USA in Boutte. Good folks over there!

I called them apparently they don't service New Orleans?

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@Greg Jeanfreau got it. This is actually what drew me to the the HELOC. The outrageous hard money fees and the origination fees. I'm shopping for the best rate . I'll give all the suggestions a call tomorrow and see what I can come up with. Navy federal approved me initially , but denied me and said they couldn't because it's a duplex and second home , which limits my opportunities in a way.

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@Arden Ballard Thanks !

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@Alex Jones my why is to simply provide affordable and safe housing to the minority community.

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@Andre' Arceneaux they said the heloc is variable MONTHLY.

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Lol @Jaysen Medhurst WOW. Im going to try the place that @Greg Jeanfreau and you told me.

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All Forum Posts by: Justin Lee

Justin Lee has started 19 posts and replied 95 times.

Post: How do I open a Heloc on investment property in Louisiana?

Post: How do I open a Heloc on investment property in Louisiana?

Post: How do I open a Heloc on investment property in Louisiana?

Post: How do I open a Heloc on investment property in Louisiana?

Post: How do I open a Heloc on investment property in Louisiana?

Post: How do I open a Heloc on investment property in Louisiana?

Post: How do I open a Heloc on investment property in Louisiana?

Post: What is your “Why” for Real Estate investing ?

Post: How do I open a Heloc on investment property in Louisiana?

Post: How do I open a Heloc on investment property in Louisiana?