All Forum Posts by: Steve Weinstein

I would make sure that you have really good stable income before you take out the HELOC and pay it off quick in case the market turns and rents dip. That way you could weather the storm

Thank you for your insights!

I am currently looking at a 10 unit multifamily to purchase.  All around looks like it is in solid shape.  Of course I will get it inspected.  It was built in 1952 which is a major drawback for me.  All other aspects look good.  How much does that weigh into a purchase?  Would you purchase at all?

So it is a matter of assuming more risk in terms of asset protection or not being able to get a HELOC for the next property....

Thanks for your info.  I am going to check out the other posts.

So this is my latest.... After contacting many banks, I have found that none of them offer a HELOC on an investment property that is in a LLC. Does anybody know any other way to get a HELOC or any banks that will participate? Thanks!!!

Just spoke to a rep from PenFed and they do not offer a HELOC if the property is in a business entity. Looking at other options.......

So I found out today that a lot of the banks will not give you a HELOC if the property is in a business entity. I have a few getting back to me and did not get a response yet from PedFed....

Great information.  I am going to contact PenFed and Wells Fargo and search for the best product.  I will let you guys know if I come across anything that might be helpful.

Hollywood Florida. I do not have a primary. I have a few investment properties. I am trying to stay away from from refinancing and I like the idea of getting a HELOC since it will not affect the property that I would get it on's cash flow since my rate was such lower. I will look into some of the smaller credit unions in the area.

Thank you

Hello everybody. I have a few rental properties and I am looking to purchase more. I am looking to get a HELOC to fund my next deal. Anybody here do this? If so, which banks would you suggest?

Thanks 

Steve