All Forum Posts by: Robert Schmidt

@Robert Schmidt I actually did try them about a year ago. But they will only do HELOCs on investment properties if you have 4 or less properties. Once you get over that, they no longer off the product.

Unless thats changed recently.....

@Mike H.

The info I got from First Midwest last week was that they will not lend on a purchase or refi if you have hit the 4 mortgages, but they still will do a HELOC. I haven't done it yet, so I can't be 100% sure, but she was pretty specific in the wording, as she mentioned she understands I have 5 already.

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Originally posted by @Mike H.:

Not many banks do HELOCs on investment properties so its going to be a tall order.

@Mike H.
In Illinois(,Indiana and Wisconsin also I believe), First Midwest Bank is one that makes HELOC on investment properties with terms essentially identical to a typical owner occupied HELOC.

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Originally posted by @Bryan N.:

My lender will do 10 loans as well. They factor credit score, cash reserves (they really look at this one) and current leases with paying tenants.

In regards to the cash reserves, balances in 401K accounts are considered cash reserves (by my mortgage broker), so changing that could also affect things. Just another thing to consider.

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Originally posted by @Brandon Turner:

HEy @Robert Schmidt

- here's how you can join! https://attendee.gotowebinar.com/register/68978008...

@Brandon Turner

Thanks for the link. Unfortunately by the time I got the email notice I was too late :-(

I will try again for next week and see if I have better luck.

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I signed up last week for one of the Thursday webinars, and I am wondering how to join. Just realized it has probably already started (assuming these are live). I never got any email instructions, I am guessing I should have gotten something.

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Originally posted by @Chris K.:

Originally posted by @Gina McKee:

My tenant pays rent via paypal. I am out of state, and it was easy to setup and free for all.

How do you do this for free? I was always under the impression that Paypal hit you with a 2+% fee?

@Chris K. If I am not mistaken, the fee for using a debit or credit card is more like 2.9% plus 30 cents per transaction. But if the payment comes from a paypal balance (unlikely) or directly from their checking account, then there is no transaction fee on either side. I am not sure how you can stop someone from using the credit card and choosing that you pay the fee, it is a choice when sending money.

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Originally posted by @Mark Ainley:

Welcome Bob, Always good to see locals join up! Maybe some day we can meet up for coffee!

@Mark Ainley

Just sold my flip in Streamwood on Wednesday. I guess I have been driving very close by for much of the summer :-) Thanks for the welcome!

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Originally posted by @Andrew S.:

Originally posted by @Lorenzo Jackson:

You can get 65-70% of appraised value (after renovation) up to the original purchase price (plus closing costs). So, in your case, the max you could get out would be around 34K, assuming it actually appraises where you think it does. I realize that this may not be enough cash-out for you to bother and moreover, it may be hard to find a lender that will do such a small loan. Nevertheless, delayed financing is attractive in some cases.

When asking my mortgage broker about this last week, his response after looking into it was I could receive 70% of the original purchase price, not new appraisal value. And the loan has to close within 6 months of purchase. So I guess there are differences in the way someone is reading/interpreting the rules...

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Mary,

Thanks for the welcome. I have been and will be poking around a bunch.

Thanks,
Bob

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All Forum Posts by: Robert Schmidt

Robert Schmidt has started 2 posts and replied 11 times.

Post: Costs of selling a flip

Post: HELOC on Investment Property?

Post: HELOC on Investment Property?

Post: Is paying off my mortgage the best idea for my future

Post: Access to the Thursday webinar

Post: Access to the Thursday webinar

Post: Receiving Rental Payments

Post: New member from the Chicago area (Far West Suburbs )

Post: Process of Cash out Refi

Post: New member from the Chicago area (Far West Suburbs )