All Forum Posts by: Kyle Castaneda

Hello All -

I currently own an investment property and have 70% debt-to-equity in the house. Given this, I was planning on opening a HELOC on it in order to use the funds for a down payment to purchase another investment property.

The problem I'm running into is that a lot of banks have either stopped accepting applications for new HELOC's on investment properties, or they've stopped accepting any new HELOC all together since COVID lockdown began March 2020.

Given I have had no luck at all finding a bank that will accept a new HELOC for my investment property, my father had the idea of me taking a loan from his existing HELOC and making the payments for him. Essentially, I would be gifted the funds from him and I would be paying the monthly bills for him on the HELOC.

I have 2 questions:

1. Has anyone opened up a new HELOC on an investment property in the past 8 months? If so, what bank did you use?

2. If I go the route with my father loaning me the money, does that mean he will have to be included on the title for the home as well? 

Thank you for this Brian. I am in San Francisco, my rental property is based out of the Central Valley.

Before I get a pre-approval for this, I want to make sure I get all the information I need so I'm not going into the market blind. I have some concerns with the crime rate and population decrease with Cleveland as a whole, so I was hoping to get more intel on the neighborhoods before I proceeded further so I can narrow my search.

Hi Everyone,

I am a CA investor/resident looking to expand my portfolio to Cleveland. This is my first time venturing into out of state properties, so I had a few questions about the Cleveland housing market.

I am looking for ideally a MFH turnkey property, but will also consider SFH if the numbers and cashflow are there. I plan on holding the investment long-term

My initial questions:

• What neighborhoods are good areas for turnkey investment properties? 
• What neighborhoods do you typically see the best ROI for long-term rentals?
• Where have you personally had your best experience with investment properties in Cleveland?

Thank you and I appreciate all the answers!