All Forum Posts by: Austin Fowler
Austin Fowler has started 54 posts and replied 246 times.
Post: Business Line of Credit
- Investor
- Reseda, CA
- Posts 279
- Votes 143
Quote from @Robin Evans:
Quote from @Juan Ayala:
I'm looking to get a business LOC and would like to know what people think about transferring the deed to a property into the business; would this be beneficial to the LOC approvalWe
@Nate SanowWe are looking into business LOC as well and found a local credit union that says our numbers on the application look good but most of our equity is in rentals (we have 4 rentals under the business name). They can use our equity in the rentals to approve LOC if we agree for them to put second lien on the properties. We are just very new to second lien and not sure if we should let them do it. But we have to have something to use as collateral to ease bank's mind, right?
Could you elaborate on how much of the equity they can use? How much equity gets you how much LOC?
Post: HELOC for Investment Property
- Investor
- Reseda, CA
- Posts 279
- Votes 143
Quote from @Brittney Wright:
@Meg K. my lender does not charge closing costs for the HELOC and yes there will be closing costs for the cash out refinance and most lenders will only allow you to borrow up to 80%. So given you have at least 20% equity from the down payment you made with the funds from the HELOC + additional equity that was either already in the property or from renovations, you should have enough equity to pay back the HELOC and pay closing costs.
Does your lender offer HELOCs on rental properties?
Post: HELOC for Investment Property
- Investor
- Reseda, CA
- Posts 279
- Votes 143
Quote from @Brittney Wright:
Hi, All!
I just applied for a HELOC with my credit union that is offering a 5 year draw, 15 year repayment at a 5.49% fixed rate. 4.99% fixed rate for a 10 year repayment. I went ahead with the 15 year repayment. This is my first investment property and first time using a HELOC. I would like to know how others have used a HELOC for just a down payment on an investment property. Is it best to refinance the investment property soon after purchasing to quickly pay back the HELOC? Obviously 30 yr investment mortgage rates are much higher than the HELOC but I am not sure I should keep 3 loan payments (primary residence, HELOC and investment property). Or do people use the full 15 years to pay down the HELOC and keep 3 monthly loan payments? Paying on a HELOC means I am paying interest on my equity which somewhat does not seem smart. Just looking for what has worked for others. Thanks
Which credit union?
Post: Lines of credit question
- Investor
- Reseda, CA
- Posts 279
- Votes 143
Quote from @Jason Wray:
Everett,
Send me an email.
Hi Jason,
Do you do HELOCs on SFR rentals in AL, AR, IL, MO, MS, OK, TN, TX? Alternatively, do you offer personal and/or business lines of credit?
Yes/no answers fine. DM me to discuss details.
Post: HELOC Loans on Rental Properties (non primary)
- Investor
- Reseda, CA
- Posts 279
- Votes 143
I'd also love to find a rental property HELOC lender that operates in at least AL, AR, IL, MO, MS, OK, TN, TX. In my case, 50% LTV would be fine. More is better, but not critical.
Post: Property 8, 100% financed
- Investor
- Reseda, CA
- Posts 279
- Votes 143
Dear all,
As promised, I have an appraisal back on one of my properties. For context, note that all of my 33 SFRs were purchased in the time range 9/18/2020 to 3/23/2022, and the claim of some has been that these would be underwater. Well... see below.
21003 Emery Mills, Humble, TX 77338
Purchased 9/18/2020 for $175,000
Appraised at time of purchase at $176,000
Appraised 11/30/2022 at $212,000, an increase of 21%
This is certainly in keeping with my reading of market prices for my properties.
Best,
Austin.
Post: Has anyone ever used a loan against a stock portfolio to finance?
- Investor
- Reseda, CA
- Posts 279
- Votes 143
I've used IBKR, just keep your leverage conservative. IBKR limits you to 50%, which is a good thing. Current lending rates:
USD 0 ≤ 100,000 5.33%
100,000 ≤ 1,000,000 4.83%
1,000,000 ≤ 50,000,000 4.58%
Post: Need Equity loan(s) - portfolio - equity loan
- Investor
- Reseda, CA
- Posts 279
- Votes 143
Quote from @Dave McIntyre:
Hi Rudy,
In case it can help w/ your funding plans, you might also consider unsecured funding. Funds can be used for down payment or gap funding, as well as 100% funding of a purchase. These can report to your business credit and therefore not show on your personal credit.
Be happy to connect.
Best,
Dave
Hi Dave, what are the terms and conditions, interest and fees of such funding?
Post: how to raise capital
- Investor
- Reseda, CA
- Posts 279
- Votes 143
Quote from @George S freeman:
thank you Dave i appreciate you replying, i am brand new to real estate , just bought my first house in las vegas, so i'm lo on funds , would like to possibly buy a rental property, i only have 10k to work with
I've raised capital for down payments to buy rental properties. Happy to discuss.
Post: how do I acquire my next investment property?
- Investor
- Reseda, CA
- Posts 279
- Votes 143
Quote from @Aaron Schrader:
Check this loan out: https://www.cmgfi.com/all-in-o...
I've shared about it before, not a lot of people know about it. I'm not a lender, but I'm in real estate and I see the value in this product. It's not for everyone, but it allows you access to the equity in the property without having to open a HELOC up.
Can such a loan be obtained on an investment property owned free and clear?