All Forum Posts by: Chris Turek

Thanks everyone for your feedback.  A couple people mentioned Huntington so I called them and they don’t do lines of credit in NJ.  They only do them in states where they having a bank branch and apparently they only have a mortgage office in NJ. @Diana Muresan I owe but 750k on the property its worth 1.3 -1.4 taxes and insurance are about 22k and annual rent roll is about 84k.  I lived in the property for 2 years and did a partial renovation.  It’s in Hoboken which is a strong market so I’m inclined to keep it but would consider selling if someone could prove to me that made more sense.

Thanks

Chris 

@Phillip Davis thought I would mentioned you because of Huntington  

Do you have an idea how much equity I can take out with a 2nd mortgage?  From the research I’ve done the best you can do is 75% and even that sounds difficult.

Hi, I’m a new member and this is my first post so thanks in advance for your help.  I have rental property in NJ that I owe about $750,000 on and its current value is about $1,300,000.  It’s 2 unit and I was living in it initially so my rate is 3.75%. I purchased it over 5 years ago.  I’m considering purchasing another property to rent out.  I would like to get an idea of how much equity I can take out of this property and what type of loan to use.  I would hate to refi and give up that rate.

Thanks

Chris