All Forum Posts by: Joseph Firmin

Absolutely @Brad Cherry, get the HELOC for as much as they'll give you. Doesn't mean you have to use it all, but if the equity is there, it is better to have access to the credit just in case a great opportunity comes your way.

If you get the LLC and then refinance with the LLC as the owner, what's the issue? There are many lenders that will require you to refinance with an LLC for an investment property.

Find another broker. Better yet, go talk to lenders themselves, including credit unions, especially credit unions. You can do it.

Shouldn't affect it given thecash, history and W2 income, but call lenders and ask. They may require the tax returns of the person claiming them.

#1 - Negotiable. 50/50 works.

#2. Find an asset-based lender (can't recommend one - don't know any off hand). Find a lender that is willing to do it - call as many as you can until you find one.

You can do a cash out refinance. No need to wait the 6 months with certain lenders, just need to find the right one. I did a cash out refinance with Lima One on a property prior to the 6 month mark, this was over a year ago, so I'm not sure if things have changed. Call a bunch of lenders and ask.

Asset-based vs. W2 income based? 

Do you have any friends in the market that would let your wife's name be on their water or gas bill? I know it would be an odd request and perhaps you could pay them for the privilege, but since you don't need to buy a house, but really an address - this could open up other solutions.

I like the STR option, especially in an overpriced and hot market. A long term rental may not cash flow as well.

Ethics is subjective and personal. Compliance is typically black and white regulation (and then gray once attorneys are involved). Operating within the law and doing so literally is legal. The spirit of the law is another and up for interpretation, if you abuse it, then a court may find you in violation of the spirit of that law.

At the end of they day, do what you feel is right and you wouldn't mind your family reading about in the newspaper.

Hey @Brad Cherry, I disagree with Jason on this. I'd go HELOC. It gives you much greater flexibility, much lower closing costs, a low rate and doesn't make your mortgage payment increase on your primary residence (speaking from experience here). Additionally, I'd look into a 1st Lien Position HELOC that you use as your checking account also... I can give you more info on this, but this cash flow strategy has been a game-changer for me and my family.