All Forum Posts by: Sovat C.

@Jeff Sadosky depends how many properties you own. TD and pen fed policy only allow you to own 4 properties. Anymore you're out of luck. I'm in the process with secu. Prime + 2 is what I got quoted on. you pay all closing cost and appraisal on subject property. Max heloc is 75% LTV and I don't believe there's a cap or could be 500k. Good luck!

What do you guys use to pull credit on potential commercial tenant or do you use the same residential online credit checks?

@Don Konipol @Mike Dymski @Account Closed sounded too good to be true and way too many variables.  I'll keep my options open and keep learning.  

@Davido Davido - Thanks!  I just made an excel model and you're right!  Forgot about the rental income part until I put it in excel.  I think I just figured out my retirement plan but you would have to pay taxes on the rental income.  I guess next would to figure out what is the max income I need to qualify for each mortgage so I can max the loan on each refi to live off vs rental income. 

I heard this on a pod cast before where the investor buys 15 rentals, 1 every year for 15 years.  He puts them all on 15 yr mortgages. After the 15th home purchase, the 1st home purchase should be paid off and he refinances and uses the cash to live for the year tax free.  The next year he would do the same on the 2nd home and continue to do so on the 3rd through 15th and it would repeat back to home #1 after the 15th home.  GENIUS!! Question is, how is he able to qualify for a mortgage if he makes no income?!? 

@Jamaar Brown super easy and it takes less than a month. I believe it's 75% of LTV. They did a virtual appraisal for me so they didnt even have to bother the tenants.

@Jamaar Brown Penfed if you have less than 4 properties. 

@Spencer Gray  What's the best way to find syndicator and get a hold of some PPM to do some research/analysis before actually investing in one.  One of my goals for 2020 is to be a LP in syndication so I want to make sure I do all my hw now. 

@Mary K. Good deal. I just went to TD bank and they also allow heloc on investment properties - 75 LtV and rates were also comparable. I got quoted at 6.49%. Not sure what PenFed gave you.

@Svetlana Greenberg

I would hold it especially if it feeds into RM. It’s only going to go up! Also twinbrook is getting a major overhaul on the 355 side.