Welcome to investing in central Indiana!

•This balloon payment will be paid through a cash-out refinance of an investment property valued at $198,000.7.Remaining Balance: After the balloon payment, the remaining loan balance will be re-amortized over 5 years (60 months) at the same 6.5% interest rate.Payment TermsInitial Loan Terms (First 24 Months):The monthly payment for the first 24 months is based on a 12-year amortization schedule:Monthly Payment for First 24 Months: $1,573.39Remaining Balance at Month 24 (Prior to Balloon Payment):The balance after 24 months can be calculated using the amortization formula:Remaining Balance at Month 24: $157,113.92Balloon Payment:The balloon payment will be 50% of the remaining balance at Month 24:Balloon Payment Due at Month 24: $78,556.96Re-Amortization of Remaining Balance (After Balloon Payment):The remaining balance after the balloon payment will be:This amount will be re-amortized over 5 years (60 months) at the same 6.5% interest rate.Monthly Payment for Final 60 Months: $1,541.18Summary of Key Terms:•Purchase Price: $215,000•Down Payment: $43,000•Loan Amount: $172,000•Interest Rate: 6.5% (fixed)Initial Terms (First 24 Months):•Monthly Payment: $1,573.39•Balloon Payment Due at Month 24: $78,556.96Re-Amortized Terms (Final 60 Months):•Remaining Balance: $78,556.96•Monthly Payment: $1,541.18Additional Conditions:1.Prepayment Penalty: None.

I am looking to add a 2nd investment property to my portfolio but I have no cash to do so.

Quote from @Will Cruz: Does anyone know of a Bank that is willing to do a HELOC on an investment property?

Quote from @Miguel Garcia: If I look into investing out of state should I look to get pre approved by a lender in that area or would a lender in my area be fine?

My name is Ben and I am about a month into diving deep on real estate investing education.

Starting to look at possibly investing there.Great, but also expensive and competitive.

Hi BP, I am interested in invest out of state and these are the three metro area that I am looking into: San Antonio, Austin or OKC area. 

Hi Melissa,It sounds like you’re putting in some great thought and research into your investment strategy!

I'm a newbie to real estate investing and am currently focused on intensely educating myself about all things real estate and how to get my first rental property deal.