All Forum Posts by: Adriel Ramirez

Thanks Andrew I will look for smaller banks.

Yes this is strange, I know 10 conventional loans is the limit per person, but was not aware that HELOC was conditioned to the number of conventional loans you might have.

I hear all the time people even having HELOC on investment properties... there should be some one out there that has done an HELOC on their Primary having more than 4 conventional loans.

I will keep shopping to see if I find a bank to do the HELOC on my Primary.

Yes I'm trying to get an HELOC on my primary and supposedly this is not possible if you own more than 4 investment properties.

Has anyone been successful in obtaining an HELOC on their Primary owning more than 4 investment properties?

Has anyone been successful in getting an Equity Line of Credit approved on their Homestead when owning more than 4 investment properties in addition to their Homestead?

... I own my homestead and 11 rental properties and Wells Fargo told me that in the industry no one will approve me an ELOC when I own more that 4 properties in addition to my homestead. 10 properties have conventional loans.

Any experience with this or comments will be appreciated !  My plan was to establish an ELOC on my homestead to make more investments.

Thanks.

Adriel Ramirez.

@Jeff Richardson: Hi Jeff, Yes but the problem with delayed refinancing is that you get 75% LTV ONLY of the purchase price of the property and not on the money invested in the rehab.... in my case its big money on the rehab so I have to wait 6 months for a normal refi.

Adriel Ramirez

Gregorio Martinez: I used Quicken Loans for 9 conventional loans they are pretty good!

These were houses I rehabbed and paid cash... so you need to wait 6 months to Refi and they do 75% LTV on a 30 year fixed conventional rate... at the moment its around 5.4%

Hello everyone, I'm also interested in refinancing 1 SF home with a local bank... I maxed out on my 10 conventional loans, so now need to find a San Antonio Bank for SF Refi and MF loan for my next property.

Thanks!

Adriel / Loca Investor SA area

 Hi Seth, The zip code is 78239. What do you think of this area? Being new in town makes things a bit harder to get a good idea of the neighborhood.

 Property is value is 70,000 but will need rehab before renting. My investment would be $28,500 (20,000 rehab + 3,500 down payment 5% + 5,000 closing cost) and based on the BG calculator my cash flow is 350 a month.  There are other options like to get a loan with rehab cost included so that I don't have to put down the 20,000 for the rehab or to refinance after the rehab since it will appreciate to around 110,000 to recuperate most of the capital and keep investing. 

I guess the main question I have is what other investors think of this deal.

Thanks again!

 Thank You Seth! The unit I'm looking at is a duplex about 6 miles east from the airport towards Randolph Air base, but not that far.

Appt#1: 2 bedroom/1 Bath/1 car garage - Rent $700

Appt#2: 2 bedroom/2 Bath/1 car garage - Rent $700

Taxes: 2,666 Insurance: 800. Will put 5% down 20 year conventional

Monthly payment: Ins+Taxes+mortgage = 67+222+411 = 700

If you go by the BG calculator it adds another $350 a month for vacancy + Capex + Repairs. So by the BP calculator I have a cash flow of only $350.

Will this be considered a good cash flow? Being my first deal I want to make sure I'm not under to what is considered a decent cash flow in the SA area.

Thanks again for your help!