All Forum Posts by: Vinny Muli

@Jaycee Greene I appreciate the info and clearing that up for me! I was told that I couldn't get a HELOC on my properties due to them being in LLCs. I probably wouldn't want to use a DSCR loan then, because my interest rate on the multi-family is much lower than the current rates.

I guess that is where my dilemma is. I want to pull equity through a loan like a HELOC because I don't want to refinance. I want to use the equity to purchase another investment property but due to my properties being in LLCs, it has been much more difficult than I thought it would be. Everything I had read and heard was that I should protect myself by having them in LLCs but I didn't realize I couldn't get a HELOC after (which many investors say in their books/podcasts that they use to leverage into more properties)

@Jaycee Greene I have not. When you do a DSCR loan, is it like a refinance where your interest rate will change? or is it similar to a HELOC where I would be getting a line of credit? I am a teacher and high school football coach so things have been so crazy, now that football is over I am going to look into this more. I haven't spoken with anyone yet, looking to see what companies will do the DSCR loan.

@Robert Rixer so you would suggest saving up enough cash to buy as an investor for my next property? First two properties I house hacked, allowing me to put down very little. I know I will need to save up a 20% down payment as an investor which could take a while. Everything I have read always says to leverage a previous property so I never have to use my own cash. Thanks in advance I appreciate the insight. 

Thank you @Jaycee Greene ! I appreciate the help. I will definitely look into this! I house hacked both the properties I have and thought I should put them into LLCs for liability purposes, did not realize that I would have trouble getting a HELOC in the future. In retrospect I probably should have kept my original one in my name. Lesson learned!!

@Jaycee Greene

When I first started investing in real estate, I always read that you should have your properties in LLCs to protect your personal assets. Now that I have some equity built up and want to pull some using a HELOC to purchase my next property, no one will work with me because the property is under an LLC. How are other investors leveraging their equity for new deals? Do you keep your properties under your own name? Trying to create a plan to get into another property without using my own cash or refinancing. Thank you!