All Forum Posts by: Joe Engelhardt

@Brent M. thanks for the reply. Is it fairly easy to roll into a conventional loan? Will most credit unions do this on rentals?

My idea on using the HELOC instead of a home equity loan or something else is I could get into the better deals and essentially be paying cash (as far as the seller is concerned).

So here's my situation: I live in Oregon but I invest in the Midwest because of prices in my area. I currently have 2 SFH rentals on conventional loans and would like to invest in another soon. I have nearly $300k in home equity in my personal residence and am contemplating using my open HELOC to buy another rental. I understand there are risks involved, but I feel it would be minimal since I'm only looking at using around $80k for the rental purchase. My questions are: recommend using HELOC or not? How hard is it to refinance into a conventional loan to get out of the variable rate of the HELOC? How long will I have to wait to refinance, if that is even possible?

Thank you all for the responses. I will definitely be getting in touch to find out more about these agents. Thanks again!

Hi all. I’m looking for a good agent in the Spokane area. Any recommendations? I’m in the Portland metro area, so someone that has worked with long distance investors would be a plus. I’m looking into small multifamily—triplex or fourplex...

@Melanie O. just curious if you ever ended up getting a multifamily property in this area. I have been deciding on a target market and Huntsville is on the radar. I have been over there a handful of times and like the area. Affordable market to buy into, but maybe hard to fill vacancies as there is so much competition?