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All Forum Posts by: Steven Gough

Steven Gough has started 8 posts and replied 19 times.

Post: HELOC on Investment Property

Steven Gough
Pro Member
Posted
  • Real Estate Investor
  • Auburn, WA
  • Posts 20
  • Votes 5
Quote from @Devin Peterson:
Quote from @Steven Gough:

Hello All

Anyone know of a bank, credit union and or lending institution that will provide a HELOC on an investment property in VA? Thanks for the help.


If you are looking to tap into equity of an existing rental property, your best bet is either cash out refi using DSCR loan or 2nd equity loan. The difference between the two is an entire new loan or a second equity tap which will give you whats called a "blended rate" option. There are no DSCR HELOC products that exist in the non-qm space at the time. HELOCS do exist for rental properties but you are usually capped at 65-70ltv and these will most likely require a full underwrite that takes into consideration taxes, income, dti and all the normal quasi-associated red tape. If your income is strong and taxes are accurately reported, you have a shot. 90% of investors write off more than they make so this upside down calculation is what causes the average person to qualify for HELOCs. Hope that makes sense. Good luck!


 Devin, thanks for the feedback.  I will look into those options.

And by the way for anyone else out there looking Figure does do HELOCs on investment properties.  I was just hoping to find a few others so I could shop the terms around.

Post: HELOC on Investment Property

Steven Gough
Pro Member
Posted
  • Real Estate Investor
  • Auburn, WA
  • Posts 20
  • Votes 5

Hello All

Anyone know of a bank, credit union and or lending institution that will provide a HELOC on an investment property in VA? Thanks for the help.

Post: Title/Escrow Company (Wholesaling)

Steven Gough
Pro Member
Posted
  • Real Estate Investor
  • Auburn, WA
  • Posts 20
  • Votes 5

Hello Joe

Thanks for the tip. I already belong to the local REIA. Unfortunately, not having any luck there. I did reach out to one of the members and he has provide a recommendation. Talking with them now...will see how it works out.

I hope all is going well for you.  Thanks again for responding.

Post: Title/Escrow Company (Wholesaling)

Steven Gough
Pro Member
Posted
  • Real Estate Investor
  • Auburn, WA
  • Posts 20
  • Votes 5

Hello All!

Anyone have a recommendation for a good Title/Escrow Company in King County and/or Pierce County WA area.  One that works with and is comfortable doing Wholesale deals/closings?

Happy Holidays and New Year!!

Thanks!

Steven

Post: Meet up South Seattle

Steven Gough
Pro Member
Posted
  • Real Estate Investor
  • Auburn, WA
  • Posts 20
  • Votes 5

I'm open as well.  Keep me posted!

Post: Seattle RE Attorney familiar with remote investing

Steven Gough
Pro Member
Posted
  • Real Estate Investor
  • Auburn, WA
  • Posts 20
  • Votes 5

Chris Casey with Casey Law. He along with myself is a member of the local REIA Group. He is very active and always happy to help.

Message me if you would like his contact info.

Post: PM recommendation in Memphis

Steven Gough
Pro Member
Posted
  • Real Estate Investor
  • Auburn, WA
  • Posts 20
  • Votes 5

I tried CrestCore and did not have a good experience.  

I am currently working with HomeRiver.  I have been with them from the beginning and they have grown rapidly so there have been some growing pains but they are working them out.  Their owner/CEO (Andrew Propst) is a serious investor and has been on 2 BP Podcast (one is Podcast 265 not sure of the other one).  His story is truly amazing.  He is a great guy and at least in my experience has always been very eager to help and offer advice.  

Post: Any Seattle based investors interested in talking real estate?

Steven Gough
Pro Member
Posted
  • Real Estate Investor
  • Auburn, WA
  • Posts 20
  • Votes 5

Hello Andrew

I'm an investor in the area and I am always looking to connect.  Message me.

Post: Looking for Deals in WA

Steven Gough
Pro Member
Posted
  • Real Estate Investor
  • Auburn, WA
  • Posts 20
  • Votes 5

Hello All

I am an investor in King County WA.  I am looking for a fix-n-flip property in King or Pierce County WA.  I am looking for SF, anything below and up to $700K all in.  If it is a really good deal and it is more than $700k I will consider it case by case.  Wholesalers, if you send me leads please make sure your numbers are accurate...I wont waist your time, don't waist mine.  2021 is going to be an amazing year!!  Thanks!

Post: South king county/Seattle meet up

Steven Gough
Pro Member
Posted
  • Real Estate Investor
  • Auburn, WA
  • Posts 20
  • Votes 5

I am an investor in the Auburn area.  I would love to join the meetup.  Thanks!