All Forum Posts by: Tomer Maoz

 @Benjamin Aaker I already spoke to the current mortgage company, and they only do mortgages.

Thank you, everyone, for the feedback, I will look into 2nd mortgages and DSCR loan (investor cashflow loans) as an option.

@River Sava, I thought about the Cash-out refinance option, but it does not make sense for the one property I want to pull equity from since I have a 3.75% on the primary mortgage. 

@Joseph Chiofalo I'm looking to pull out 120k-150k from the rental property. I currently have over 50% equity. 

Hello,

I want to use my equity in one of my SFRs to purchase a short-term rental (I currently have 8 LTR) . I have been searching for a bank that will do HELOC on a rental, and so far, the only one I have found that could work is Better.com. All the other banks I spoke to, like TD Bank, HSBC, and Signature FCU, have limitations, such as you can't have more than 4 mortgages in your name, or they can only use 3 properties to offset DTI.

Better.com offers a rate of 9.5-11% (depending on loan amount, credit score, etc.), and it also requires the property to be in my name (not in an LLC).

Does anyone know of a bank that will do HELOC on rentals in NC that do not require the property to be in the owner's name and/or is not limited by how many mortgages you already have on other rentals?

Are there other types of loans people use to pull equity from their rental to purchase additional properties? 

I appreciate any input in advance.

Coastal Credit Union only do HELOC for primary homes. They used to offer it for rentals in the past, but the program is no longer available.

Quote from @Avery Heilbron:

Hi @Tomer Maoz You could try coastal credit union. Not great rates but possible. You just need to donate $18 to a specific charity to become a member. I have a coastal HELOC on my primary but decided not to do it on any rentals

 Thank you. i will see what they can offer.

@Jacob Sherman I have no experience with second mortgages. Is that similar to an E-loan?

I'm specifically interested in HELOC because I can pull money when I need to, and pay it back.

Hello, 

I want to use my equity in one of my SFRs to purchase a short-term rental (I currently have 8 LTR) . I have been searching for a bank that will do HELOC on a rental, and so far, the only one I have found that could work is Better.com. All the other banks I spoke to, like TD Bank, HSBC, and Signature FCU, have limitations, such as you can't have more than 4 mortgages in your name, or they can only use 3 properties to offset DTI.

Better.com offers a rate of 9.5-11% (depending on loan amount, credit score, etc.), and it also requires the property to be in my name (not in an LLC).

Does anyone have good luck finding a bank that will do HELOC on rentals in NC that does not require the property to be in the owner's name and is not limited by how many mortgages you already have on other rentals?

I appreciate any input in advance.

Hello,
In July, I will be moving to Chapel Hill and looking to do a 1031 exchange of investment properties I have in the SF bay area with properties in southwest Durham. Based on everything I read, it seems like appreciation is not an issue, but I'm interested to know what type of positive cash flow I can expect to get?
I'm thinking about getting newer construction, maybe townhouses, since it will require minimal maintenance and have the added benefit of amenities like a pool, etc.
It also possibly easier to purchase since it is less competitive than existing houses that sell over the asking price.

Thanks.

Hello,

I have a rental property in Oakland CA, and a few of my tenants will be renewing their lease in the next few months. I'm interested to know if I can legally ask the tenant to provide proof of employment when renewing a lease and if it is a good practice?

The tenant always paid on time, but due to the current situation, I want to be extra careful and make sure they will have enough income to pay the rent.

Thanks,

TM