All Forum Posts by: Roberto Palma

@Albert Bui

Hi Albert. I used a 1st lien HELOC to pay off a duplex, now that I have like $5k left, I applied for a construction loan but I was denied cause my DTI is too high. They said that my access to my HELOC ($350k) is the problem. So they want me to close it. But that's how I want to get the down-payment to invest.

How can I get arround that?

Thank you.

@Liwen Gu

Hi, my husband and I are wanting to network as well, we are also new to investing and would like to talk to more people and get a bit more comfortable with our networking skills.

We have evenings and weekends available.

Hope to hear back from you soon!

Take care.

@Andrew Jurinka

Hi Andrew, my name is Angie and my husband’s name is Roberto, we are in Salem Oregon, and we are newbies in the investing world, we currently own our first duplex as of 4 years, and we live it. We would like to continue investing in MFH. Would like to meet you and want to hear your story as to how you got started.

Hi Austin. Hope you're doing great.

thanks for the input. Yes cash out refinance is another option. 

But do you think is a good idea for a newbie to cash out refinance and have a bigger mortgage payment not knowing when I'm going to find my next deal?

yes I'm paying more interest on a 1st lien HELOC but I'll have the option to withdraw when I get a deal and at the same time lowering my principal a lot faster.

thanks again.

Hi BP Nation

My name is Angie from Salem Oregon. 

we currently own a duplex (househacking)and we need some help or ideas.

we refinanced our duplex about 18 mos. ago From an FHA 3.25% to a 30 yrs 1st lien HELOC (6.25%) with a 10yr draw period. Because we like the idea to own it free and clear in about 4 years.

Currently we owe 150k with a value of around 450k and 180k available credit.

Our questions are. 

*Should we refinance into a conventional loan and apply for a 2nd lien HELOC?

*Use HELOC to put a down payment for the next owner occupied investment, then use the extra income from duplex to pay down HELOC. then repeat the process again.

*Or Stay on 1st. Lien pay as much as we can, so in a year or two can use HELOC and get into the foreclosure wave?

*Also any recommendations on Real estate agents and CPAs. In our area?

All comments or ideas are greatly appreciated. 

thank you.