All Forum Posts by: Terrance Lee

Does anyone have any good leads on lenders that will do an investment property loan with a 15% down payment as opposed to 20%? I've recently been looking at some companies online. I prefer the loan to be conventional so that i can remove PMI when i get to 80% LTV. Any recommendations are appreciated, thanks.

@Charlotte Dunford starting to look into it now, thanks! I have my LLC linked to a bank account. However it is recently set up and I haven't ran much business through it yet...I'd be interested to see how much of a line I'd be eligible for. Definitely planning to try it out, much appreciated

@Michael Pucci good to know, thanks!

@Ivan Barratt.  Definitely gives me something to think about. The intent would be to use it for buy and hold investments, sounds like there are factors I need to think about.

I've recently been exploring different options to fund my real estate investing. I opened a HELOC against a rental property last year, so that is one current source of funding I plan to use. I've also been hearing a lot lately about utilizing business credit cards or business lines of credit to invest in real estate. I have an LLC established, this approach is something that i haven't considered and don't know much about. Has anyone successfully used business credit cards or credit lines to purchase investment property? If so any suggestions or lessons learned are greatly appreciated.

Thanks,

Terrance

@Andrew Postell First National Bank in Fort Worth, they were very easy to work with

I have a rental property in the Fort Worth, TX area. I've been contacting TONS of banks and credit unions for months about getting a HELOC on my property, so that I could use it to purchase more rentals. Over and over I was told the same thing....no lender would offer a HELOC on my rental property. I finally started getting active in the BiggerPockets forums, and was given a suggestion for a bank (coincidently it's right in Fort Worth...), and they approved the HELOC!!! I closed on the line of credit a few days ago.

If you're in Texas and are looking for something similar just know there is hope.  Now time to find a deal......thanks BiggerPockets!!! 

Thanks @Andrew Postell!  Sent you a message 

Investors with property in Texas....I have a rental property in Fort Worth that I'm looking to get either a HELOC or Home Equity Loan on, the intent is to use that as funding toward my next property (preferably multi-family). After calling several banks and credit unions, I keep getting told that HELOCs and Home Equity Loans are only offered in Texas on primary residences, not investment property. I'm hearing that my only option would be a cash-out refinance.

Has anyone been successful getting a HELOC or Home Equity Loan on investment property in Texas? Is Cash-out refinance the only option?

Thanks!

Terrance Lee

@Daren H. Nice!  That's impressive, thanks for the encouragement and let's stay in contact!