All Forum Posts by: Drew Bittle

 Well, I don't have a credit limit of 100k so thats out, plus the interest rate? Or are you suggesting another step after I secure the place?

How many ppl actually consider owner financing? I'm not really a sales guy

 Left them a message...thanks Brooklyn

Hello BP People!

I just got back from Myrtle Beach SC and I'm ready to purchase a condotel. Problem is, the lenders my Realtor has done business with will not do a loan for a studio. Units require at least a true 1 bedroom. I was told there are lenders that will finance a studio condotel so any advice would be much appreciated.  Thanks in advance.

Drew

@Mark Faustrum Hey Mark, thanks for the info. I contacted Zack and got the ball rolling right before everything got crazy and got a pretty good rate considering it's an investment property.  @Zack Karp You've been great through the whole process. When I'm ready to get a loan on my next rental in IL you're my guy. Thanks a million!

Hello BP People! This is my first post. I live in California, but I have a studio condo in Buffalo Grove, IL with 52k owed and is worth 85k. I would like to get some cash out before interest rates go back up and/or before the market goes down to use as a down payment on a second rental in the future. I presently have a 5.125% rate. 

Should I refinance with cash out? Or refinance and then get a HELOC?

Also, whats your experience with using Quicken Loans (pros and cons)? Would you recommend using lenders in IL or does it matter?

Thanks in advance for the feedback.