All Forum Posts by: Chase Whiteman

Hello BP,

Does anybody in the Greater Philadelphia area have any recommendations / previous experience with local banks or credit unions on heloc lending? 

Two investment properties looking to pull some equity out of to reinvest.

@Alex Breshears thanks for the response Alex! 

Yes, correct in terms of combining the two. I am also considering the possibility of just using the heloc against my primary as another down payment on a house hack, however at some point I would like more scalability which is why HM intrigues me. That is interesting about the 2 year lock out I'll have to take that into account. I have already reached out to a local Credit Union and will be sure to ask these questions. 

For hard money I will take all that account if I decide to go that route. This is definitely helpful information.

@James Carlson thanks for responding. I am familiar with the Co Springs regulations and have checked AirDNA to make sure I am 500ft from another non-owner occupied. Your podcast has definitely helped me understand some of the nuances with these STR laws.

Erin was my realtor for the property I am trying to get a heloc for, so if I decide to purchase another you two will be hearing from me.

Agree that it makes most sense to put your equity to use! 

@Lucas Miles thanks for the response. I do not necessarily need to use hard money I am more so curious if those two financing methods are commonly used together. I have some equity to play with but not a significant amount. 

The market I am in is somewhat friendly to STR so I am considering the option of using the Heloc for a 10-15% down payment on a new Primary and turning my current single-family Primary house into a STR using some of the profits to make monthly Heloc payments. This is a touristy city so I am confident that the STR occupancy is there.

Hello,
Considering using the equity in my primary residence to apply for a heloc. I am told most banks/credit unions will lend 85% LTV on primary.

With rates increasing, should having a variable rate with a heloc make this financing option less attractive? 

Has anybody successfully or unsuccessfully used a heloc in conjunction with hard money?

Thanks!

The bedrooms I think would add more value, but i would try to find a small section (if possible) on the first floor to add stackable washer & dryer. Not having to go to the basement is a plus if you are looking for quality renters. 

Hi BP,

In March 2020 I purchased a single-family Primary residence with a friend for 50/50 ownership. I understand the 12-month occupancy rule most mortgage lenders require before you are allowed to repeat the "house hack" process, however I was wondering what the rules were in regards to if both of us have to stay for those 12-months. 

If one of us stayed in the current Primary residence purchased in March, can the other person purchase a new Primary residence before the 12-months is up?