All Forum Posts by: Nigel Whitmarsh

@Vik Ari

Vik

It sounds like you have thought through your options, that was the main purpose of my question.  It's a tricky situation, but if it were me, then I'd probably save at least half the money until I was definite the move was going on or not.  Then you can still apply it as a lump sum toward the principal when you are sure that's what you want to do. If the move doesn't transpire then at least you can do something else with it.  

First, speak with your mortgage company, check you can make regular or one off principal payments, without penalty.

Bearing in mind it can be hellishly expensive to live in Europe (depending on where), you might need that savings.

Hedge your bets a bit, because it's a lot easier to give the bank money, than it is to get it back.

There are plenty of calculators online to see the effects, like Judd Campbell said, bankrate.com has some good ones. Although, is this the best use of your spare $1000 per month? Might be better put to work building up a deposit for your next property.

Nathan Lenahan Nathan - looks great! Nice big rooms, open plan. Great job. Wishing you luck on your endeavors.

Welcome ! Aloha !

Jerry W. So you can get an unlimited quantity of 15 year mortgages? I never realized this, thought it was limited to 4 notes, but didn't realize that was qualified with a 30 year term. Is this specific to your area or nationally? Or specific to you and/or your lender?

Sam Sendgraff sell the truck and rent a U-Haul when you need to carry big stuff. You can get a 24hr rental for $20 + mileage. It's a lot cheaper than the Big Orange $75 for 45 mins, much more convenient and all it takes is a little forward planning!

@Adam Drummond I'm in Wilmington. Just starting out, but as someone already stated on BP "there are a lot of sophisticated investors here".  Of those, there are a few people here on BP whom specialize in different niche areas.  One I know is in Carolina Beach building new homes, another specializes in restoring in the historic area of downtown.

Wilmington is pricey. The price range you mention will put you most likely in the non-historic downtown area.

Which area of Wilmington are you moving to? 

Originally posted by @Andrew Robbins:

It was 5 1/2 years ago, so my memory is a little hazy, but I think I was able to use the HELOC right away. My HELOC was with a different company than my first mortgage. Yes, conventional loan on the rental was with different company than HELOC. Hope that helps. Good luck!

Thanks for the info, I appreciate the response.

All the best

Originally posted by @Andrew Robbins:

This is how I bought my triplex in 2009. I was fortunate enough to get a HELOC on my primary residence to use as the down payment of 25% (that's what was the minimum required for non-owner occupied). Then I just got a conventional loan for the other 75%. It's worked out great.

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Did you use the HELOC funds immediately or did you have to season them for 2 months?

If season, what and how did you do it?

Were your HELOC and existing mortgage on your primary property from the same lender?

I presume the conventional loan on your rental would be a different lender than above primary property?

It would be cool to act the banker there tho, and use the banks own funds from the HELOC as DP on an investment property!!

@Account Closed

Thats commonly called being a "credit card tart"!  I've done it before, but not to the extreme of $70k.

Good idea with the PayPal.

Just don't forget the deadlines and go into the APR zone as it'll hurt.