All Forum Posts by: Account Closed

@Jordan Decuir spread all over...Humble, Spring, Willis, Conroe, Katy, Crosby, Tomball, you name it...

@Jordan Decuir Thanks for sharing.  I can personally vouch for the rental market being 35% down and houses lingering on the market for many months.

@Jhoana Olarte no to your recommendation.

@Brian H. No I did not end up using them but have closed three auction properties over the last 2 months with Sherman Bridge.  Sherman has been great to work with and the more deals you do with them, the better the rate/terms. Dominion was unresponsive but I'm sure they are OK.  I now have a relationship with Sherman (built over 2 years) and will keep using them.

@Jim Cummings update...it's a no go with PenFed. They would only allow a HELOC on one investment property, and they require it to be homestead exempt which you can't do on investment property, so it's a no. At least I found out now before I got too far down a path with them. They will only do a simple refi on any investment property (max 3 properties) and will not let you pull any cash out...period. PenFed is not a friend to Texas investors. The search continues...

Just confirmed Legacy Texas only funds in DFW, not Houston or anywhere else in TX. Anyone who has properties in DFW, you're in luck.

@Jim Cummings hmmm...interesting. I spent quite a bit of time with various reps at PenFed and they all agreed, max is three investment properties they will allow HELOCs. They seemed to be aware of and knowledgeable of Texas laws.  But you're right, I could have a 'bad' closing surprise ahead and this could fall apart. Will keep you posted.

My last resort is to do cash out refi's which I've done before on TX properties, but wanted to try HELOCs this time instead.

@Casey Gregersen I've been searching for HELOCs on my Houston properties as well, and am currently working with PenFed. You have to join the credit union, but so far they are allowing HELOCs on 3 investment properties that I have to move title from my LLC to my personal name, then will move back to LLC after closing. They will only lend 75% LTV though...and will only allow you to have max three properties. I have 7 others in my LLC and they were fine with that, as long as the property titles were in LLC. The maximum they will lend on all HELOCs combined is $400K. Weird rules but every bank and credit union has their own rules/guidelines. @Jim Cummings is right, the TX laws have changed and don't appear to be favorable for investors looking to do multiple HELOCs on investment properties.

I'm not approved yet (only started the process) but I will get 75% LTV at 6% for 12 years on all three HELOCs. Plan to pay them off before year 12.

You're preaching to the choir. :)

@Jared Vidales adding to the pile. All of my SFR insurance policies average about $1200-1300/yr and even adding a flood insurance policy is an additional $600/yr, so you should def shop around. $3K is way too high.