All Forum Posts by: Mary Spalding

Is TD Bank only doing business on the East Coast? My bank couldnt give me a straight answer on seasoning, as I was also thinking of a straight refi, cash out, so that it may be less risky.

I emailed Pen Fed and the will go 70% LTV on non owner occupied, but other than that, no other resources at this time. Thanks for all the info!

Comps in the area based on the last 90 days puts it at probably 55% of real value. Still wondering the best HELOC company with values like that. Suggestions?

Ron, I have heard the Wells Fargo does HELOCs on non owner occupied, is that true? Where have you had the best luck?
And upon further review, the property we are making an offer on is actually 45% of assessd value.

Hi All, fairly new member here. I have searched, but have not found specifics recently that would address this issue. We are in the midst of purchasing our 3rd rental. It is a REO. We are purchasing it at 60% ARV, so am wondering if anyone regularly gets HELOC to buy something with the HELOC $?
Then start flipping the one purchased with the HELOC monies. We would keep the 3 rentals we have now for long term growth, but am thinking of moving into the flipping arena with this idea.

Thoughts?

Go with your gut. If you have to ask us, you probably know the answer and just are bummed you already know you shouldn't let them. Think of all the work you have done. Getting a bad tennant out is much harder than letting it sit and wait for a good one.

Wait and don't do it. Have a lease, get proper deposits and rent. Stick with your first instinct. Just my two cents.