All Forum Posts by: Joshua Springer

Welcome to the site...I'd take the time and do lots of reading

https://www.biggerpockets.com/real-estate-investin...

or listening

http://www.biggerpockets.com/renewsblog/category/p...

And if you're anything like me the search button brought you here looking for answers...search for more of your questions :)

PS I trade knowledge for Mitchell's food! :D

HELOC max LTV's range greatly and oftentimes are determined by property values, credit score and risk tolerance of lender. Where I work we go up to 95% LTV on HELOC's but we also raise the rate a few points once you go over 80% and again over 90%.

Most companies are either going to charge a closing fee(application fee), annual fee, or sometimes both.  Oftentimes the 1st year annual fee will be waived, and sometimes banks will do promotions and waive these fee's.

Since most places portfolio their 2nd mortgages the underwriting criteria will be different as well. Depending on your income situation your DTI could be affected by the total unused balance of a HELOC..so if the magic rate you're quoted as a minimum line amount of say 50 or 100k be aware that could impact your borrowing power in the future(i'd ask ahead of time how they treat this!).

Double check you are allowed to purchase real estate with your HELOC or fixed 2nd as some places bar this practice.

If you were planning on paying this loan back over 2-3 years you'd probably be best doing a HELOC(remember most are interest only so no principal paydown on regular payment), after that it's a major toss up based on current rate environment compared to what it COULD be.

Double check the language of any loan on your real estate and make sure it can be used to procure other real estate...some have restrictions.

Not really a big deal but if you pay the 28k you're not getting 8k in paydown anymore...unless it's an interest only second, or you didn't include that in your annual paydown for option 1.

Opportunity cost and your current situation dictate your next move.  If you want cash in your pocket do option #2.  If you are in networth building mode I'd stay put and find a good place to move your 28k to make more money.

Pay it when your mortgage is due :) If you ever pay extra pay as close to that paydate as possible as interest accrues based on balance remaining.

Yes it can be done, but realize that with a license comes annual fee's that cannot be avoided if you want to maintain access to the MLS and other things like dotloop and showing services.

Annual cost is like $1,000 + for a cheap broker and potentially much more if you become affiliated with a national broker that will ask for more monthly fee's to maintain marketing and nice office space etc.

Kevin I think you misinterpret what cash flow means.  Making a profit means your property is producing cash(cash flow).  What you do with that cash is secondary to if it is cash flowing or not :)

only thing i could say is talk to more local banks.  The two in my area i found were from a radio ad and investor referral.  Columbus probably has about 50+ independent banks and ice talked to probably over half of them. 

I would keep looking. 

You can call up signature real estate.(My broker).  They're pretty well priced for part time investing.  You can message me for more information. 

I assume Columbus schools?