All Forum Posts by: John Granich

Quote from @Devin Peterson:

Quote from @John Granich:

Hi everyone,

I am looking at a rare triplex available in a highly sought after neighborhood and want to make a move on it. I will not have enough for the down payment, and I have only invested using conventional loans. Naturally my next thought was a hard money loan for the cost of the home and the rehab needed. I would need a total of about $600K and would be able to put down 40K of my own. Is this possible? After repair value would be around $800K. If so, have any of you worked with any hard money lenders in TN that you recommend? Or have any other ideas of how to take this down? Thanks!

 You should partner up with somebody who has more assets and go in on the deal together. There is a hard money lender in Tennessee that does 100% / 100% maybe they can help you out.

 Hi @Devin Peterson

Thanks for the response. Do you have the name of the lender that does 100% / 100% by chance? Thanks!

Hi everyone,

I am looking at a rare triplex available in a highly sought after neighborhood and want to make a move on it. I will not have enough for the down payment, and I have only invested using conventional loans. Naturally my next thought was a hard money loan for the cost of the home and the rehab needed. I would need a total of about $600K and would be able to put down 40K of my own. Is this possible? After repair value would be around $800K. If so, have any of you worked with any hard money lenders in TN that you recommend? Or have any other ideas of how to take this down? Thanks!

Quote from @Brittany Minocchi:

Hey @John Granich!

I'm definitely seeing an uptick in the number of people looking for investment HELOCs, and while they can be tricky to find, they're out there! Just depends on the borrower, the property type, property value, what LTV you're looking for, whether or not you're willing to give up your first born child...just kidding. Feel free to connect if you'd like to discuss in more detail and I'll see what I can come up with.

Hi Brittany! Thanks for the insight. I am looking to pull $50k-$70k. The property is a 4 unit multifamily. The value is $360k-$380k, and the current balance on the property is $225k. Looking to use the heloc to purchase another investment property. Hope that helps and again I appreciate anything you may come across.  

Quote from @Brayden Hrycko:

Hey @John Granich,

I can't think of any lenders with investment heloc's for multi's at the moment. I will keep you in mind on that for sure. How much are you looking to pull out? Whats the current value on the property? Current balance? I'll do some searching for ya. 

Looking to pull $50-$70k. Current value of the property is $360-$399k. Currently balance $225k. Thanks for the help! 

Quote from @Mike York:

You can try Centier.  Not sure if they will do a investment property but I know they do primary.

 Thanks Mike! 

Quote from @Brayden Hrycko:

Hey @John Granich,

I know of a few lenders that offer Investment helocs. Are you sure thats the best option for you? Could you fill us in on the details of what you're trying to do?

 Thanks for the reply Brayden. I am trying to pull capital out of my investment property in order to purchase another. I have a good amount of equity  on the first property, but also have a low rate, so I don't want to cash out refinance. I figure this was the next best option, but finding a lender to do a heloc on a 4 unit multifamily investment property has been a bit tricky. I know they are out there though and hoping the community here can help me find one. Hope that helps!

Hi all,

Looking for any local banks or lenders that will do a heloc on an investment property of mine in Northwest Indiana. Any ideas? Thanks! 

When looking to house hack a multifamily unit, what happens when each unit is already rented? Do you wait for one of the lease's to end and then move in as the owner occupant? Thanks!

@Evan Polaski Hi Evan, thanks for the reply! I have done all the homework/analyzing of my building and condo to see if renting would work, and yes the building does allow for renters. And I know what my costs including HOA fees would be, but you bring up a good point about goals. My goal is to own multifamily properties, and gain as many doors as I can. My current condo has always kind of been my safety net in case things fall through, I will hopefully always have that cash flow. But you bring up good points!

Hi Lawrence, thanks so much for the reply! Yes, your recommendation definitely helps! I think I am going to rent my place and reassess later down the road. Thanks again!