All Forum Posts by: Lindy Pond

I am a lender in Richmond, Va and would be glad to discuss with you what your options are.
I do not know of any bank or lender, that is doing a HELOC on an investment properties unless you have a banking relationship with them.
We are still doing cash-out refinances on investment properties, and i work with a lot of investors.
Thank you.

Start with the end in mind!  Who is going to live in the house in the end, you, the family member?  Or are you going to sell it, or keep it as a rental?
If you want to divide it into a 2-unit, have you talked to the city to see if that is even possible with this specific property.  And if so, what does that involve?
Unless you have enough cash for all of this, you will need financing for this project.  The answer above will help you determine what financing options you might have, if any in this current market.
I am happy to discuss any of this with you.

I work with a lot of new investors, and would be happy to help with information as well as connections.  Are you signed up for the many Investor Meetups around town (virtual currently)?

if you are an owner-occupant then you have specific mortgage options - If you are an investor you have very different options.  Both scenarios have different qualifying rules for income, debts, credit, down payment etc.  You need to talk to a lender who knows both sides and then can advise you based on your specific scenario.
Feel free to contact me if interested.

Justin - Sarah and Stephen are absolutely right about coming to some of our local meetings!  You will meet great people, learn about various topics, and hear local off-market properties for sale.  Let me know if you have any investor financing questions I can help you with.

if you are an owner-occupant then you have specific mortgage options - If you are an investor you have very different options.  Both scenarios have different qualifying rules for income, debts, credit, down payment etc.  You need to talk to a lender who knows both sides and then can advise you based on your specific scenario.
Feel free to contact me if interested.

Remember the tried and true saying... Keep it Simple!
I would start with one simple property/project, do it well, learn from that one and then go it again - Rinse- Repeat.

If I am understanding you correctly, you are trying to get a HELOC on an investment property, correct? If so, they do not exist at this time in the current financial world we live in. They did before the crash, and they may again sometime in the future, and you may find a local bank who you have a relationship with that will do it for you based on your accounts with them, but otherwise they do not exist.
There are loans specific to investors that allow you to "cash-out" equity on an investment property.  
I hope this was helpful.