All Forum Posts by: Peter LaBreck

@Bruno C. Are you using a HELOC in your personal name, or are you able to do one if it is in your LLC?

@Ysabel Yow My opinion on this after reading all the responses is exactly why the area I invest in has such terrible reputation... It is the job of the landlord to make the property safe and habitable but what people do not realize is that by allowing the property to stay in decline it not only hurts your bottom line, it also hurts other investors. Think of it this way... You have a property that is in the state you mentioned above, you get “poor” tenants in place. The neighborhood may have issues cause this...the next landlord decides because you don’t care then they don’t care and the cycle continues. Anyone interested in crime although it is disputed as debunked, read broken window theory. It will help change your mind and perspective. It directly relates to real estate.

@Tim McClary excellent thank you for the leads!

Closing on my second property next week. I have been looking around for Maine banks or credit unions that will do a line of credit but have hit some road blocks. Does anyone have any leads for someone in Maine on banks or lenders that will do a HELOC on an investment property? I have calculated roughly 90k equity after renovations are complete based on comps etc.

@Harjeet Bhatti Thank you for all the info!

@Ned Carey Good to know thank you. Based on that response will they also do a higher LTV refinance?

@Harjeet Bhatti So in turn I would get 70% LTV being 28,400 with an appraised value of 112k? If I did my math correctly

@Harjeet Bhatti It will be a conventional loan with 25% down leaving me roughly at a mortgage of 50k. Appraised at 112k. As soon as six months hits I can then refinance with a cash out refinance then?

I am looking to buy a 2-unit multifamily for approx. 60-70k. It is appraised at 112k. After purchasing and renting units, when can I refinance in order to pull out HELOC and gain cash for projects on the home? Also using the cash for future down payments. It seems there are a multitude of answers when researching this.

@Michael Doherty Did not even think of that side of things yet. That is a good point. Where did you start for looking at private investors or lenders? Thanks!