All Forum Posts by: Steven D Martin

@Michael Barido

And this is where every word needs to be 100% accurate. It was actually a FCU, not a bank I talked to. Oops lol...

@Chris Choe

Thanks. Definitely worth looming into.

@Bradley Dosch

Well, it's actually a 3 unit semi-detached house, and I own the entire building and property.

@Lien Vuong

That is what I was sorta assuming from what I have read and all, but didn't really want to waste any more time than necessary. Thanks!!!

I am currently house hacking a property and went to a bank to get information on possibly a HELOC loan. They told me that since I am renting out over 50% of the property that they wouldn't do a residential HELOC, and I couldn't do a business HELOC due to me not having an EIN and LLC. And even if they did it he HELOC would only be up to 70% of the property value, which doesn't work for me mathematically right now. So, is it even possible at all to get a residential HELOC on a property that since you're house hacking it is your primary residence?

@David Krulac Kuh-ray-ZEE!!

@Nick Anderson

I don't think it will be from interest rates rising. Imo it will be property taxes that will rise. Or maybe a tag team event of them both that will pop it.

@Jeffrey Abraham

80% down?? Is this like a private money loan?? Or just a type-o? Lol...

@Jim K. History repeats itself. Sounds like a case of "fool me once..." going on. Do what it seems like you know what you need to do and stop arguing with yourself over.

@Carl W. I agree on replacing them. Especially if they were at the point you were about too anyway. I'd rather do something like that when I'd WANT to and not when I'd NEED too. Way less frustrating imo.