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All Forum Posts by: Ken J.

Ken J. has started 2 posts and replied 7 times.

Thank you, @Michael Garofalo much for your time to reply this message! Your advice made a lot of sense. My wife and I are trying to get one done right now. 

Hi,

I am considering obtaining a HELOC to purchase a second property (ideally for investment purposes). I have applied with Chase and a local credit union and have been rejected for lack of credit history. I own my current 2 family home free and clear as it was bought with cash. Further, my income is sufficient (i.e., above average) and that was never cited as a problem. I had a small amount of student loans (i.e., less than $10K), which I paid off within 3 years after graduating college and purchased a car (less than $28K), which I paid off within 4 years. I don't have any credit card debt as I pay my bill in full every month.

A couple of questions:

1. What should I do as my lack of credit history appears to be a problem with whichever lender I go to?

2. Does it hurt my credit history if I go from lender to lender applying and getting rejected for similar reasons? Is there a certain amount of time that I should wait before I reapply elsewhere for a HELOC or should I try and apply with various loan institutions for a HELOC within a short time period (i.e., 1 month period)

3. If I get rejected, is it worth speaking with the loan officer and seeing if they would be willing to extend me a HELOC for a lower amount than I had initially requested?

4. Reason for HELOC - would "wanting to purchase investment property" an acceptable reason for obtaining a HELOC? If not, please advise as to what would be most appropriate.

In case helpful, I live in the NY metro area. Many thanks in advance for your responses.

Thank you @Jamie Ginsburg I will when I'm ready to go up there. 

Hi, @Taylor Shapiro Thanks for the heads up! I would like to go into a market where the rentals are secure. 

@Dave Visaya Thank you for the welcome! @Filipe Pereira Thank you for recommending someone I would work with in the future.

@Fernando Diaz Thank you for the warm welcome! I'm looking to purchase rental properties. You could look into my profile and learn more about me and my investment goals. 

Thanks! 

Hi, BiggerPockets community!

My name is Ken Jin. I’m from NYC this is my first post on this site. I want to invest in New Haven CT, (06516) area hopefully walking distances between Yale University, looking to invest within the next 2-3 months. I’ve been listening to BP podcasts for a little over six months now. I’m new to real estate investment hoping to use these investments to build cash-flow. My primary goals for this post is getting to know other investors - learning from other experienced members. Second, to get as much information as possible about the area and if anyone is selling, or any contact info of a good handyman. Thirdly, I'm also thinking about using a management company to manage the property, if anyone has a suggestion for a reliable, honest company that will be great.

Thank you for your time!

God Bless!

Ken J.