All Forum Posts by: Nick Martin

@Jaysen Medhurst Thanks, I think you were right about the jitters, and probably just me not understanding the whole process. Once we got the addendum they requested, we closed the next week. Thanks again.

I am in the process of getting a HELOC on my primary residence. We moved into the home in December, and it was a new construction. We put a little more than 20% down, and want to get a 90% LTV HELOC to recoup some of that money. The process with the credit union has been frustrating, to say the least (side note, I've got 800+ credit, 25% DTI) For the last several weeks they were unsure whether the appraisal that we had on the home before closing would suffice for the HELOC. I just got an email today that said the appraisal was done before the home was completed, so we need to show an addendum to prove the value of the home AFTER it was completed. I don't think I have any sort of addendum. I've tried giving them the benefit of the doubt until this point, but now I feel like they're just dragging their feet or just don't know what they're doing. Any advice on whether this is 1) normal or 2) I should find another lender?

Thanks, @Eamonn McElroy. 

I will be putting my primary residence on Airbnb for 3 months while I'm out of the country for work. I want to purchase several items (soaps, paper goods, additional towels, air mattresses, etc) for use by those who use the Airbnb. Are these purchases considered to be a tax deductible expense?

@Alex Hsu I wish I had more answers for you, but one thing that sticks out is your concern regarding the HELOC rate. I’ve known many banks who allow you to lock your rate once a certain amount of the HELOC has been used. Usually the rate is 0.25% higher than the variable rate. Hope this helps a little with your assumptions.

@Ezekiel Racelis I agree with this. If you go thIs route though, don’t be surprised if you need to prove your W2 + bank statements for at least a couple years. Similar thing for self-employed, 1099’s, or bonuses/commissions...you have to show track record over multiple years.

Hi @Amy Kendall! When is the next meet up? I'd love to get to know some folks in UT county!