All Forum Posts by: Shalane Latiker

 Thanks!

My business partner and I own 5 properties (4 of them are free and clear) and we're looking for recommendations for a bank that will do a HELOC on an investment property. We would like to take the HELOC and use it to purchase additional investment properties. Does anyone know of any good banks in the NW Indiana/Chicagoland area that would be able to work with us? Each free and clear owned property is worth $40-50k.

I'm not necessarily against using HELOC, it's just that I don't know a ton of information about going that route. I'm just trying to see right now if there are many different options, and then I can decide which one would best fit my needs.

I currently pay rent for living on one side of a duplex and the owners are looking to sell their property to me in the next 3-4 months.  The property is only 10 years old, appraised at $150k, and they would be willing to sell it to me for $119k.  Since I recently had some expensive credit card and medical bills, my cash reserves are extremely limited, but I would very much like to make this deal happen.

I own two other rental properties and both currently have tenants. One of the properties is owned free and clear. Someone suggested that I could perhaps cash the equity out of the free and clear rental I have and use that towards the purchase of this deal. I would like to continue living in one side of the property after I have purchased it, and I'm aware that some RE investment lenders don't lend for owner occupied deals. It has also been suggested that I use HUD financing since I would only need 3.5% down payment and the seller could assist with closing costs.

What are some possible options that I have to make this duplex deal happen with limited cash reserves?

Greetings,

My name is Shalane and I'm an investor in Northwest Indiana (about 45 minutes outside of Chicago).  I currently own two single family homes (one is owned free and clear) and they're both occupied by tenants.  I have doing RE investing for about 10 years now and I'm looking to transition from renting out single family homes and focusing more on purchasing multi-family housing and house flipping. The primary obstacle I have faced over the last few years is securing adequate financing for deals.  

I work full-time as a teacher so I'm pretty busy during the week, but I spend my weekends trying to focus on how to expand as a RE investor.  I look forward to networking and learning more info!