All Forum Posts by: Erik Estrada

 I would love to take a look at your situation and see if I can be of any help. 

Hmmm. HELOC's have a variable interest rate. This could be an issue for a long-term hold. Have you considered just doing a cash-out refinance?

@Paul Dario Jr Why are you doing a HELOC? Is this a short term purchase?

What do you mean by better ways? @Kyle Jones The above mentioned work well for different scenarios. 

It depends on the lender. Typically they only require a DSCR greater than 1.00, property ownership history, and decent credit. There are some that do not require you to own any properties and have no prepayment penalty.

You can do it under an LLC or under your name. Most do it under an LLC to protect themselves. There are a variety of DSCR options available now. Some do not require that you own any properties (only a history of ownership required), can do short-term rentals, and some lenders require only a minimum ratio of 1.00.

Property ownership history, moderate to great credit, and a few other things but nothing too crazy. There is a NO DSCR programs available and options that do not require you to own any properties. Also some lenders can do short-term rentals.

Do you get income from other sources other than your W-2 job? How much cash do you have available other than what you set aside for your downpayment + closing costs? 

Hey Anand, 

Keep in mind that HELOC's are variable and best used for short-term holds. There is a 40 yr fixed DSCR style loan available that offers lower monthly payments. I would love to see if it will help you in your current situation.

It depends on what you are looking for. I suggest calling a few mortgage brokers, bankers, direct lenders, private money lenders, hard money lenders and more. If you have any questions, I would love to chat.