All Forum Posts by: Jason Hsun

Hi @Tobey Porter I know this is an old post, but regarding your comment about PNC or your experience with any other bank for a HELOC, do any of them actually go and visit the house, either personally as a bank or through a secondary vendor like an appraiser? Are LOC's usually approved with desk appraisal only? Would like to hear your feedback. Thanks!

@Olivia Delarco Hi Olivia, I'd be curious to follow up with you to see if you managed to land a HELOC based on your situation, especially related to the fact that you don't occupy the primary. If you were able to close on a HELOC, I'd be interested which banks/lenders accepted your situation. Thanks!

Other than not being able to close on the loan in person, are there any issues with getting a HELOC with a bank that is not in the same state as the property? I'm assuming that you could go with an out-of-state lender and freely spend the credit line on properties in another state.

Also, if they ask you to make a mandatory draw on the day you close, could you not just go back the next day and repay the money back?

@Patrick Madigan @David Miller  Thanks to both of you for your recommendations!  Much appreciated.

Hi BP, Can anyone recommend a good real estate attorney to help with closing on a HELOC in Raleigh? I won't be able to be there in person at the closing ,so looking for a reliable local proxy. Thanks!

Hi BP!

Can anyone recommend a great accountant they've worked with who also has experience with US Expats living abroad filing their taxes back in the US?  Obviously, since this is BP, someone who also knows good strategies for minimizing tax liabilities with relation to real estate investing as well.  Thanks!

@John Casmon @Henry H. @Dorothy Wulf  Thanks. You guys bring up good points.  I guess it never hit me to just pay the draw back the following day.   This is why I'm in BP...for the great feedback.

Hi BP: Can anyone recommend a good bank with a low rate for a HELOC that does not have a mandatory withdrawal at closing? I've been looking at a few banks, both national and local, and many of them require you to draw a minimum at closing. My property is in Chicago, but not sure that really matters, but would appreciate recommendations on banks that anyone has had a good experience with.

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Thanks and looking forward to hearing back from the BP Community!

@Thomas S.  Thanks guys for the excellent input!  I have been looking around different areas for good deals.  Just starting out here and thought it would be great to get some feedback given my initial situation.