All Forum Posts by: Olu Efunwoye

Do you think I can get up to 80% LTV heloc on an investment property? If not what's the best available now?

 @Simmy Ahluwalia Would you take a look at my scenario here and advice if you have a better option for funding? I am pretty much open to investing across the country but currently looking in MD, DC, VA, GA
Thanks https://www.biggerpockets.com/forums/49/topics/1187335-need-...

 @Savannah Remkus I almost have a similar scenario. Would you have a better option products available in my scenario? See my original post here: https://www.biggerpockets.com/forums/49/topics/1187335-need-...

Yes, this is my primary motivation for seeking more guidance. I plan to do syndication deal as the GP in the future but not immediately. I plan to start with my own fund in CRE before I bring other people's fund. And, no, the coach isn't interested in being my co-GP; that's not their business model.

I am actually open to having an experience MF investor that can provide guidance as I venture out on this path. 

I owe a mortgage bal of $126k on a property worth $375k and have about 8 years to pay it off; rate is 3.37%.

I need to tap that equity to purchase other properties. The options I'm considering are:

1. 1. HELOC at 75% LTV will give me access to $155k, but the rate is around 8-10% and is subject to going higher, considering the current instability with inflation. Pro: I will have access to the fund. Con: The rate on HELOC is more than double the first mortgage, and I worry about the rising rate.
2. 2. Home equity loan: pretty much the same as #1 but not a revolving credit.
3. 3. Cash-out refi at 75% LTV. The rate could be around 6.75 - 7.5% or so. I will be giving up my low-rate first mortgage.
4. 4. Outright sale: my least favorite option. I know I could do 1031 into the next deal, but what if I could keep the property and still take out the cash?

My credit score is 755+, so that wouldn't be an issue with financing. I am getting my ducks in a row to finance my next deal, which has to be a commercial RE (multi-family of 5+ and above). Which option would you do? I am also open to other options outside of the ones listed above.

I have been investing in residential RE since 2010 and have bought and sold RE within that time frame, but it's all in residential space. The most multi-unit I have done so far is 2 units. I am in talks with a reputable company that signs up proteges in commercial RE, but I am struggling a bit with their terms: the sign-up fee ranges from $10k - $40k, and a definite 50/50 profit split up to $1M mark, meaning the individual gets up to $500k, which could come from cash flow, cashout refi, sale, etc. There is no time cap on the $1M mark.

I have immersed myself in many educational materials over the years and plan to continue doing so wrt multi-family RE investing. I still manage my own properties myself today and have a decent structure in place for that. I am trying to decide what I would lose by not working with this individual with a good track record and a large YouTube following. I feel I could continue leveraging content here on BP and other reputable sources for coaching without giving up this much in profit. Am I greedy or overthinking this? Please share your thoughts. Thank you

@Trey Williams Do you mind sharing contact info of the investor-friendly lender you mentioned above? You can PM me if you prefer. thanks