All Forum Posts by: Joe Delgrosso

@John Teachout

Super.

My primary is valued at $300,000 and we owe $215,000 on it. We bought it in 2014. We've been paying PMI with the understanding it automatically drops off once we hit the 20% mark. Well...$240,000 is the 20% mark and we're way past that with only owing $215,000. I call my lender to ask them to drop it and they said no - now it's 30% for the PMI to drop off, which is $210,000.

I've never heard of 30% for PMI to drop off. It's always 20%.

Any thoughts on this? Is this common?

@Todd Rasmussen I didn’t even think about the fact that I’d have to send a mass amount of offers that’s a really good point.

Hello there!

I currently have 5 rental condos that are doing well but it's slow moving to save/buy at this pace so getting ready for my first BRRRR. Studying like crazy while I secure the money.

I keep reading that it's all about the refi. Any good or bad stories anyone can share? Important things you wish you knew before you took on a single family BRRRR?

Thanks BP!

Joe

I'm in the middle of what seems like an endless search for the right HELOC deal.

My situation is that I'm looking to get a HELOC against my primary to invest in more rental properties (I currently have 5). My primary is appraising at $300,000 and I owe $215,000. I'm looking to have a line of credit of at least $50,000 (hopefully more).

I've spent the last month talking with 6 different lenders and every time we get down the road, there's small print that pops up (I need to pull out X amount at closing, no cap on the rate increases each year, I have to move all my money into their bank and hold X amount in there the whole time, etc.). 

Any suggestions on what I should do or where I should go?