All Forum Posts by: Jamey Waters

Thanks @Jordan Moorhead!

I met with TD and they are still doing HELOC's on rentals. I kinda want to work with them because I travel to Canada quite a bit and want to start a relationship with them. But I am in a waiting period. My rental I want to take a HELOC is in Orlando, but I live in Atlanta and TD does not currently service Atlanta. One of TD's requirement is you must live in one of their coverage area vs just where the rental property is located. Luckily I've been told they are moving into the Atlanta area in 2023 so I'll pick up the application once that happens.

Thanks, very helpful!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $8,500
Cash invested: $35,000

Purchased this as a foreclosure. Rehabbed and now a long-term rental.

What made you interested in investing in this type of deal?

I'm familiar with the area.

How did you find this deal and how did you negotiate it?

Purchased as a foreclosure at the courthouse.

How did you finance this deal?

BRRR - paid cash, rehabbed, rented and refinanced. AVR was $165,000.

How did you add value to the deal?

Looked for foreclosure.

Lessons learned? Challenges?

Check bankruptcy before buying a foreclosure. I got lucky that this house was not included in the bankruptcy.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No.

I'm interested in taking out a HELOC on a rental property. I know several banks will not do this, any advice on ones that will? The property is located in Orlando, FL.