All Forum Posts by: Joseph Bagley

 Thanks for the advice! 

@Chris Mason and @Melvin List 

With that being said my Heloc is thru a credit union and it was stated I “can’t” change it the first year. A few realtors and their brokers said that it’s not 100% true and I should be fine changing since I’m not closing the heloc out.

Should I attempt to work with that same credit union and get a conventional loan and pay off the heloc from them? Or is that ‘bad business’? 

I was thinking of asking to see if that credit union is a portfolio lender and see if they can get me a line of credit to ‘BRRRR' with.

Your goal and story: Less than a year ago I took out a heloc on my condo to pay off all my debt except my cars. The heloc was for $48k I used $38k. Bought my current condo 5 years ago for $273k refinanced about 4 years ago I have $259k on the current balance. It appraises for $400k now. I'm wanting to refinance out of VA loan and pay off the heloc. I want to use the VA loan to purchase another home to live in and use hard money for rental property investments. Planning on renting current condo once we find another place.

I'm using the same broker that I bought the condo with. Refinancing to a conventional using $300k to cover everything with a 4.1% interest 30 year fixed. The VA loan is currently at 3.75%

Does this sound good/great or should I look to the credit union that I got the heloc from? 

Is it ‘frowned upon’ to want to look even though this broker has helped me? 

My broker couldn’t get me the heloc less than a year ago but referred me to a friend from the credit union. I was thinking about going to the credit union with my plan and see what they might be able to work out.

Type of property: Condo

Location of property: Chula Vista, CA

Purpose of financing: Free up VA loan

Type of financing sought: Conventional 

Down payment: No down payment

FICO: Good

Credit issues: None

Additional details: 

@Bill Hampton Thanks guess I’m on the right path with the Tips. See you from the A!

@Dmitriy Fomichenko Thanks for the starter advice, will do.

@Gary Carver Looking forward to the run! 

What's up BP. My government name is in my profile everybody calls me Joe or Bagz or a combination of the two.  Currently active duty Navy from Atlanta, GA but in San Diego, CA now.  I've always wanted to get involved in real estate.  Before 3 weeks ago I thought I needed massive amounts of personal money to start.  After my last deployment couple months ago I decided to listen to real estate Podcast.  Then I heard about other people's money, OPM  Got excited started listening to more Podcast found the BP Podcast heard they have huge website with friendly real estate investors so I decided to see how friendly and helpful.  So I'm diving in.

My life long dreams were to own an apartment building in all 50 states or multiple vacation properties.

Being in Cali, prices seem high.  So I've been hearing about out of state, OOS, investing and that Brandon Turner and many others rather invest OOS.  Since hearing that I've been thinking Atlanta since all my family and friends are there to get real estate connections.  I'm also considering Detroit because I heard they're rebuilding and I have a friend who's from there mention it.  But looking for a Detroit connect before I make moves.

Currently in the process of refinancing my VA loan into a conventional and buy my next property with the fresh VA loan.  I make my current condo a rental and my equity is great after I rid myself of this HELOC I got.

I'll be around BP!  

I’m with you on this @Michael Cerullo. I have the same question. I’m having a realtor send me properties now on multi-family homes that I would like to invest in.