All Forum Posts by: Gary Michalske

I paid a flat one-time fee of $2,000 to get mine set up with no annual fees. This also included a separate LLC for my business.

@George Blower

Thanks to you as well.  I just love it when fellow BP'ers jump in and offer valuable information!

@Dmitriy Fomichenko

Thank you for this helpful information.  Much appreciated.  I started looking over the list of lenders and most look very promising.  Thanks again!

Super!  I'd be interested in finding more about your company.  My credit score is excellent.

I called Listerhill Credit Union today and uncovered a complication that I was a little concerned about anyway.  I actually should have explained this along with my original post.

The property is actually owned by my Solo 401K Trust with me as the Trustee.  So the line of credit or loan would have to list my trust as the debtor.  The dollars would have to be deposited into my trust with which I would write checks out or for investments.  The proceeds from the investments would go to my trust.  The when I was ready to pay the loan off the trust would write a check to the bank.  Of course I sign all documents as the trustee and I suppose I could offer a personal guarantee as well.

A little more complicated than I had hoped for.

Hi Michael,

Property Value - $225,000

Annual Net Income - $10,840

Credit Value Amount - 80% LTV = $180,000

Length of ownership - 3 yrs.

Thanks a lot, Allen!.  I'll give him a call tomorrow.

Hi BP'ers:

I have a need to obtain a line of credit on a free and clear rental property I own in Huntsville, AL. I have a HELOC from Bank of America on my Tennessee personal residence but they won't give me a line of credit on an investment property. I was going to ask Franklin Synergy (portfolio lender in Tennessee) if they would do it but I heard that they won't for out-of-state properties. Does any one have any references for banks near Hunstville that might provide a line of credit for investment properties?

Hi Jeff. I may be interested if you're still looking. 

Still have this deal @Timothy Brubaker?

I may be interested in being the financial partner in this deal Dustin. Let's discuss!