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All Forum Posts by: Tyrel Holman

Tyrel Holman has started 18 posts and replied 23 times.

Post: Line of credit question

Tyrel HolmanPosted
  • Rockwood, TN
  • Posts 26
  • Votes 6

I was able to secure a line of credit for 140k on the equity in my cabin, but the bank can only do a 20 year loan when I’m ready to buy another property. Is there a way I can get a 30 year mortgage with my line of credit?

I was wondering if nashville is a good short term rental market, does anybody have any short term rentals in nashville?

Post: how to properly use a line of credit.

Tyrel HolmanPosted
  • Rockwood, TN
  • Posts 26
  • Votes 6

So my line of credit of 140k just closed. What are some ideas on how to use this in terms of scaling my rentals properly

Post: Moving to Knoxville TN!

Tyrel HolmanPosted
  • Rockwood, TN
  • Posts 26
  • Votes 6

I'm not far from knoxville, and theres a montly real estate meeting that you need to join hit me up

Post: Looking for a lender that does a line of credit in tennessee

Tyrel HolmanPosted
  • Rockwood, TN
  • Posts 26
  • Votes 6

I'm looking for a lender that can do a business line of credit agains the equity in my investment property. Ive got alot of equity but i don't want to do a cash out refi due to my low interest rate. Anybody got any suggestions on how i can tap into my equity, any lenders out there that have any ideas?

Post: Looking for a heloc against a investment property

Tyrel HolmanPosted
  • Rockwood, TN
  • Posts 26
  • Votes 6
Quote from @Alfonso J.:

What is your current interest rate ? 

2.8

Post: Looking for a heloc against a investment property

Tyrel HolmanPosted
  • Rockwood, TN
  • Posts 26
  • Votes 6

I'm looking for a lender that could do a heloc against my short term rental, I dont want to do a cash out refi, i dont want to loose my interest rate. Ive got close to 400k of equity and i'm tryin to tap into it. 

So i have alot of equity built up in my cabin, i paid 292 for it at a 2.8 interest rate back in 2020. Now it appraised for 600. So my question how do i tap into that equity without loosing my interest rate? I've thought about a heloc but not sure if someone would do it on a short term rental. So does anybody have any thoughts or suggestions on this 

Post: Mortgage needed for short term rental

Tyrel HolmanPosted
  • Rockwood, TN
  • Posts 26
  • Votes 6

So I’m needing helping on securing a mortgage for a short term rental, I have a job but I’m a contractor so several banks told me I needed to get hired on full time first in order to get approval. I already have one short term rental and its doing great. Is there lenders out there that just does loans on the asset itself? I have the down payment already, I’m looking for creative ways.