All Forum Posts by: Jonathan Styer

Hi Shiv, 

Can I ask why a HELOC and not just a Cash Out Refi? Your rate on the HELOC will be higher and adjustable. Rates are crazy low now and it is a perfect time to lock in a 30 year mortgage with as near to free money as we will see in our lifetimes. Other than that, buying with cash is always preferred and you may well be able to get yourself a better deal buying with cash vs financing.

Hi Jay, 

Great news that you were able to find some folks that might work out for you. I just wanted to chime in that a good way to find Realtors that work a lot with investors is through Property Management. I'm not sure about California but in many states Property Managers will be required to have a license. If this is the case they may understand the market better than most. 

Best of luck!

Hello All! I am looking for input for financing a package of properties that I have decided I am interested in pursuing. It is a package of 3 building on 2 parcels. On one parcel are two buildings, one is a SFH and the second is a commercial building, on the other is a SFH. The parcels are adjoining. All three buildings are in need of - from what I am told by listing agent - major renovations. I work in property management and have experience working with contractors so the renovations do not intimidate me but I need input as far as acquiring the properties.

For the down payment I would most likely be using a personal loan which I can get through family for a low interest rate. I am not familiar with commercial loans, but I know in residential this is a no go. Would a commercial loan have an issue with this?

I may be able to get renovation funds as well through personal loan but would really like to acquire those funds as part of the purchase loan. Ideally I would just be purchasing this with cash but I do not have access to that amount. 

Do you think this is a possible option for me? I am very interested in this property because I predict major appreciation here in the next 5-10 years, like 200-300% and I know it will be able to cash flow once renovated in the mean time. 

The property has been on the market for ~15 months, it's listed too high, but I will fight that battle once I feel secure that I can finance the purchase. The area is just now starting to come up so I feel someone will buy in the next few months and I would like to be that person.

Thanks for any help and insight you can offer me.

Wow, looking great! I would love to hear about your process of purchasing a foreclosure.

@Austin Steed Thanks, they were definitely on my list of banks to check out. Do you or anyone you know have experience with Heartland as a lender? I would love any additional info you may have. 

@Harjeet Bhatti Thank you for your reply. Although most banks will not offer portfolio lending would it be wise to still try to find a local bank that will? I would love to be able to initiate a relationship with a lender that could lead to freer terms down the line. I know that I could go anywhere (including where I currently bank) and get a loan but I thought perhaps it may be a good opportunity to jump start a fruitful relationship. 

Thanks again,

Jonathan Styer

Hello All,

I am a new (wannabe) investor in Columbus, OH looking for some lender advice. My wife and I currently own our home but would like to move into a duplex or maybe even up to a fourplex and start house hacking as well as upgrading our location within Columbus. We plan to keep our current SFH and rent it out as well. We just went through a cash out refinance and pulled out equity to operate this plan.

We are ready to start the process of searching for a deal and have actually spoke to a FSBO that we would be interested in purchasing if the price is right. So I am at the point now where I would like to start speaking with lenders to get the ball rolling. My past experience with lenders was fine but it was with a big bank and I want to start building a relationship with a smaller bank that can help me as a portfolio lender down the line when I get there. We are not in a huge rush and would be fine to stay in our current house for up to another year if necessary.

So to the point! I have put together a list of smaller banks around Columbus that I think may be a good fit and I am curious as to what kinds of questions I should be asking these lenders when I call them and interview them. I am also currently in the process of becoming an agent and think it would be beneficial to build a relationship with a banker on that front as well and I would love for them to be the same bank. 

I could easily move $10-15K into a checking/savings account from our current savings if that may swing things into my favor in some way. 

Thank you for reading this wall of text and I appreciate any responses and advice.