All Forum Posts by: Jeremy Brown

I am not licensed for consumer loans in ID (I can do investor stuff all day long, but not consumer in ID), so I can provide impartial advice. Where I'm based in FL, I get HELOC requests all the time, but I tell them to start with a local community bank (over a big bank or broker like me). They tend to focus primarily on self-employed, operating businesses, so their understanding of self-employed borrowers will tend to be better. Their HELOC rates (not other rates...just HELOCs) will beat what I can do as a broker as well. I tell borrowers if they try and are unsuccessful, to give me a call, but I always have them start with a local, small, community bank. Good luck to you.

Thank you!

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Coeur d'Alene, Idaho

Quote from @Doug Smith:

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Coeur d'Alene, Idaho

Does anyone have any suggestions?

im looking to get a HELOC on my primary home but I may need a lender who is friendly with Self Employed business owners.

Thank you!

1 Vote

Coeur d'Alene, Idaho

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Unable to disclose the sold price.
Represented a buyer on the purchase of an 18-Room Motel in downtown Sandpoint. My client has remodeled the rooms and has increased rents by utilizing both short-term and mid-term rentals.

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

Location and opportunity for an increase in property value along with good cash flow.

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

The property was listed for sale.

How did you finance this deal?

Cash and Private Money

How did you add value to the deal?

Negotiation of Terms

What was the outcome?

A very happy client with a great investment property.

Lessons learned? Challenges?

How changing the rental type can greatly increase income and generate a more consistent cash flow.

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

I am the real estate professional.

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Investment Info:

Single-family residence buy & hold investment.

Purchase price: $400,000
Cash invested: $10,000

Single-family home on acreage with an attached 1 bedroom apartment and currently building out an ADU.

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

The attached apartment and a large shed that is currently being converted into an ADU

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

just got lucky =)

How did you finance this deal?

conventional financing

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All Forum Posts by: Jeremy Brown

Jeremy Brown has started 3 posts and replied 8 times.

Post: Do blue states appreciate more than red states?

Post: HELOC for Self Employed

Post: HELOC for Self Employed

Post: HELOC for Self Employed

Post: HELOC for Self Employed

Post: HELOC for Self Employed

Post: Downtown Motel turned VRBO & Mid-Term Rental

Post: Primary Home with Apartment and ADU potienial