All Forum Posts by: Nathaniel Larrea

@Michael Dinos Hey Michael. Just wanted spoke to Penfed and they an loan on investment properties but only if its on your personal name not an LLC. wish i knew before they pulled my credit :(

Your rent is now past due. Please pay your rent promptly so you may continue to live in the unit that you now occupy.

As per your rental agreement:

· Rent is due on the first (1st) day of the month.

· Rent is late on the second (2nd) day of the month.

· We allow a grace period through the fifth (5th) day of the month to pay your rent without incurring a late fee.

· On the sixth (6th) day of the month we charge a late fee of fifty dollars ($50.00).

· If we do not receive your rent in full in a timely manner, we will serve you with a 3-day legal notice, “Notice to Pay Rent or Quit”. Each time we serve a legal notice, we charge an additional twenty dollars ($20.00).

· If you do not follow the terms of the “Notice to Pay Rent or Quit” we may then begin eviction proceedings against you and you will be charged with the crime of “Unlawful Detainer” if a judge upholds our claim.

The amount of rent now due, as of today’s date _________________, is as follows:

Current Month Late Fee _______________

Current Month Rent _______________

TOTAL DUE _______________

Time is of the essence. If you have not already posted your rent via the mail, please call us immediately to make arrangements for us to collect the rent in person.

Thank you for your prompt attention to this matter!

Thats great @Michael Dinos.  Do you have a contact?

@Brian G. I do not have a rate as i cannot find a lender to HELOC investment properties.

@Nick Gann I know some but they do not work in my region as it is a local bank.  They do 100% on primary and 80% on investment.  My main goal right now is just finding a lender that will do the 80% on investment properties while pooling more than 1 property together 

@Connie Chan Hi and thanks for responding. They’re all in Northern NJ and Southern Tier NY so not necessarily city. 

@Nicole Heasley Beitenman.  Huntington Bank in Ohio i'm assuming?

@Fred Shatzoff Hey fred.  Yes i currently do cash outs.  However i need a line of credit to have ready when deals arise and not have to wait to close on cashing out a property.  

Thank you in advance for any suggestions.

I've been having difficulty finding a HELOC that is able to lend on investment properties not just primary. My goal is to pool together my primary and 1-3 investment properties on one line of credit to acquire my next rental properties but no luck in finding a lender.

Ideally i'd like 100% on the primary and 75-80% LTV on the investments. I have above average credit so most conventional institutions are only supplying for primary at 80% which does not help.

Does anyone specialize in portfolio lending for refinancing and credit lines for investment properties in Northern NJ.  I've called two dozen local and traditional banks between NYC and Southern tier of NY/Northern Tier of NJ and the most common reasons for not being able to fund are.

1) They are a portfolio lender but have a 6 month seasoning requirement just in case they need to sell their loans to Fannie or Freddie

2) Do not loan on investment property only primary residence.

I've inquired about a line of credit on multiple properties together and they've given me the same reasons, i.e., seasoning requirement and only primary.

My Fico is 790 so it is very difficult for me to swallow the fact that i cannot use conventional lending.  I hope someone else has had better luck.

Does anyone know if the 6 month "seasoning" is a duration of ownership or the amount of time it needs to be rented as per your tenants lease?  For example, can you rehab for 5 months then have it rented for 1 month to meet the 6 month total requirement ?