All Forum Posts by: Theodore Beidler

Hey all, I have a rental property in OCNJ and I'm looking for a handyman recommendation to pop over for small issues here and there. I'm up in NYC so not able to get over there when we have a renter with an issue. Tired of paying full price for a plumber or something when the issue turns out to be super simple. Any help would be great!

Just listened to the Bloomberg Masters In Business podcast episode with Len Keifer of Freddie Mac. Some interesting discussion from the economists perspective on the housing market. Thought y'all might enjoy!

Link to Barry Ritholtz site featuring episode

Sticher Link

Hey all, I co-own an investment property out of state (beach house that has been passed down through the years. We use it a few weeks out of the year and rent it the rest.) with my sister and we're looking to get a HELOC on it in order to purchase another property. It's fully paid off. Talking with a few local credit unions but wanted to see what some national banks would offer. I bank with Bank of America and they do not offer HELOCs on rental properties only cash out refi. Ideally I'd like a HELOC for the flexibility and in an effort to avoid closing cost fees.

Question is, do some major banks offer HELOCs on investment properties or am I going to run into this situation often?

Thanks, Daniel! Definitely some great advice to consider. Appreciate it!

Hey all, I'm new to the BP world and excited to start digging into the forums and this community. Was introduced to the podcast about two months ago and since have been listening to as many episodes as possible and starting to read some books and other online resources. My sister and I own a beach house that we rent out and use that has been in the family for decades and is fully paid off. Plan is to take a HELOC out on that house and use that as foundation to start investing in real estate, specifically multi-family homes. Had a few questions regarding that....

HELOC Questions:

-Seems to be differing opinions but is it best to go through a local bank or CU in the area of the house I'd be getting appraised? Does it make more sense to find one in my area (NYC)? 

-How many appraisals/quotes would you recommend getting? I'm assuming each bank will want their own appraisal which I'd be paying for, correct?

-Whats the average length a HELOC can be open for? I've seen as low as 90 days and as high as five years.

-How long does this process usually take?

-Should I call around or best to just walk in to banks?

-I've read to look out for various fees but overall what is the average interest rate I'd be looking at? Want to start incorporating that into my analysis of properties.

LLC Questions:

-Looking to invest in markets we already know so SE PA area or Nashville, TN market. Does it matter where an LLC is formed?

-Should we form an LLC before we start the process of buying a property?

-Do you buy property directly through LLC or personally and than transfer it to LLC?

Thanks in advance!