All Forum Posts by: Kyle Castaneda
Kyle Castaneda has started 4 posts and replied 13 times.
Post: HELOC’s on investment property during COVID
- Posts 14
- Votes 7
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?
Post: New to Cleveland market - hoping for advice
- Posts 14
- Votes 7
Originally posted by @Brian Garlington:
What part of California are you in? I'm in Oakland. First thing you should do is get pre-approved with a lender. Even if you intend to pay cash for properties out there. You will be taken much more seriously. I know of some very good, investor friendly agents out there as well as PM's etc. If you need a lender also, let me know.
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.
Post: New to Cleveland market - hoping for advice
- Posts 14
- Votes 7
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!