All Forum Posts by: Micah Franklin

@Micah Franklin Check with your local credit unions. This is where I found the best rate for me in TX and I was able to lock in a fixed rate back when the interests rate weren't crazy high. Having a fixed rate is much nicer for me to be able to strategically plan my investments with out worrying about the rates changing. Good Luck!

Chris, thank you I have heard that before. Im at the point of applying to get all the comps together. That's a great advantage having the fixed rate. thank you
Micah

1 Vote

Jacksonville, Florida

Quote from @John Karg:

Hi Micah,

HELOCs will only go up to 70% LTV on investment properties, while for primary residences they go up to 90% LTV. I generally close them in around 15 days and often don't need an appraisal as many lenders will accept an online valuation tool. Feel free to reach out with any questions!

John

Hey John,

Thank you, I have a few different scenario possibilities. Would definitely like to connect and discuss some of the options. Thank you

Micah

0 Votes

Jacksonville, Florida

Hello everyone. Im about to start shopping around for a HELOC to Tap in to a rental property with a good amount of equity I'm looking to close within in a month and I was told the online companies can close faster. Please send recommendations with ones that you have had a good experience with . thank you for you time.

1 Vote

Jacksonville, Florida

Thank you Charles!

0 Votes

Hello all, I have a found an amazing property and got it under contract. Im looking at all my financing options at the moment. I have spoken to to a hard money lender to get the numbers on that. I don't think could swing the monthly payment while doing the rehab. Im looking in to a home equity agreement as I have 2 other properties with around 300,000 in equity each and not having a payment is my . My question is has anyone out there used this type of loan but instead of selling after 10 years just paying it off earlier? Thank you for your time. Im in the central Florida area.

0 Votes

Jacksonville, Florida

Hi thank you for the time. I'm currently shopping around for a loan to purchase an investment Lakehouse in Florida. I want to make sure I get the best rate. Just curious how many brokers or banks do you shop with to make sure you get the best loan on a property? Thanks again for your time!! Cheers!

0 Votes

I currently have a house that will hit the market next week. As soon as I sell and close on that one I will refinance this one with a owner occupied loan. Im submitting an application with a HML now and should find out within 3 days. I'm curious to see the rates and the numbers.

0 Votes

Help! I have come across a duplex that is an amazing deal. This is a neighbor of mine and is looking to sell quickly because he needs to close on another property. How long does it usually take to close with a hard money lender? Of course its in Alaska and we just had a huge earthquake... so not getting calls from lenders there. The property will cash flow 1700 a month as long term and greater potential as airbb which i also currently do. How can i close on this thing in 10 days!? Thank you so much

Micah

0 Votes

All Forum Posts by: Micah Franklin

Micah Franklin has started 4 posts and replied 8 times.

Post: Tapping into equity with a HELOC

Post: Tapping into equity with a HELOC

Post: Tapping into equity with a HELOC

Post: Shopping for financing

Post: Home equity agreement as possible short term loan solution.

Post: Shopping for financing

Post: HARD MONEY LENDING TIMELINE

Post: HARD MONEY LENDING TIMELINE