All Forum Posts by: Will Pardo

Brian Garrett Yes I have a lender in place but I want to keep shopping around for future deals.

Hey all, I’ve been analyzing and learning for about a year. I have my funding and preapproval letter. I’m ready to buy a small multi-unit or single family home but I need a investor friendly realtor and lender. Does anyone have any recommendations in Broward and Palm Beach County? Thanks!

Feedback please: I have a 100k HELOC and preapproval letter. I’ve been doing the research and ready to get in the game. However, I was curious if this idea has been successfully executed before. What if I set my goals a bit higher and go for a larger multi unit 8 or more instead of a single family or duplex and look for seller finance. Wouldn’t that allow me to use my HELOC for a larger down payment and not have to worry about any lending limitations? Once the deal is closed, I could refi in a year or two and pay off the HELOC, seller finance and get a conventional or portfolio loan? I’m curious if this would be a viable strategy. Thanks!

Awesome! Thanks for your post guys! I appreciate the feedback! 👍🏼

Hey all, I need advice. I have my variable interest only HELOC and pre-approval letter for $300k. My lender was trying to convince me to cash-refi my primary home and get rid of the HELOC. His advice was it’s better to have a fixed rate. I agree but I have the HELOC and don’t know if I should start over or keep trucking forward. With the current setup, I would have to put 25% down because my purchase would be an investment regardless if it’s a single family home or 4 or less multi unit property. Although, I would have instant equity and could cash-refi later on. I guess my question is what would you all do? Should I continue with the strategy above or buy a 4 or less multi-unit, house hack with a smaller down payment and cash-refi 6 months to a year down the road? Thanks!

Thanks everyone! I thought as much but just wasn’t 100% sure with this being my first go at it. I do like the idea of having buffer or someone to say I’m stretching myself too thin so I think I’m heading in the right direction. Hopefully I’ll be posting a successful first deal soon! Thanks! 👍🏼

Hello all, So I have my HELOC. I have access to the MLS through a great broker who is willing to help me out. I’m also in the process of trying to get prequalified. I’d like to shop around with other banks but I’m curious if I should be telling them the mortgage is for a rental property or a purchase of a 2nd home? In addition, do I even say that I’m using the HELOC for the down payment or not? Any advice or opinions are welcomed. Thanks!

Thanks John Warren! I appreciate your feedback!

Hello, 

I've been searching high and low for a HELOC with great terms. They're all pretty much the same and I was about to commit to a local credit union but came across this HELOC.

https://www.unifyfcu.com/home-loans#flex-rate-home...

Here are some of the highlights: 

• Up to 90% CLTV financing.
• $20,000 to $250,000 loan amounts.
• No annual fee.
• 15-year draw period & 15-year repayment period.
• For single-family and multi-units, condominiums, townhomes, second homes and planned unit developments.
• Fixed-rate loan lock option as low as 2.99% APR (Minimum 60-month term required) .
• Apply up to 3 fixed-rate loan locks at any time.
• Fixed-rate is based on credit history at time of loan origination.
• Interest Only.
• No prepaid penalties. 
• HELOC must remain open for 3 years.

I did call them and they clarified that 90% LTV has a 6.5% interest rate (excellent credit) but the same features above would still apply. 80% LTV is the current rate 4.25% and all closing cost would be paid by me. On a loan of 100k the closing cost would be approximately $1900 to $2750.

Now I know I can get no closing cost else where but I thought the three fixed rate locks at 2.99% APR for 5 years could be beneficial considering I'm a newbie and would want to start my RE Investing slow. Has anyone used Unify Financial Credit Union? Any feedback or HELOC recommendations would be REALLY appreciated.

Thanks! 

Joe Sillaman that's what my realtor advised me. It isn't just the amount you withdrawal against your HELOC, it's the entire amount that you have access to. That's just one opinion. I'm not sure if he's right but I see no reason not to trust his experience. Can anyone else confirm this? Thanks!