All Forum Posts by: John Shea

It is located in Pagosa Springs, CO; sort of a touristy place south of Colorado with ski resort about 30 minutes away. My neighbor tells me that everyone harvest elk at the back of my property, in the valley where the stream crosses. It was part of the retirement plan, get to hunt from the back porch and all. As life would have it, plans change, kind of starting over on the east coast. 

My plan was to sell the property next year, but wanted to pull some cash out prior to selling to help minimize the capital gains tax.

Is there a proper name for this type of loan product that I should be looking for? Just want to make sure the bankers know what I'm talking about when I contact them.

I have 35 acres in Colorado that is free and clear. It is improved residential land that is ready to build with power and water at the property line. Are there lenders that will do cash out on land?

Yes, will be strictly an investment property. And it is my first one. Consists of 2.5 acres in city limits. Will definitely put more dwellings on the property after I finish the current one. 

It needs major renovations, I’m guessing the bank will not loan me much on the heloc if at all. 

Hopefully someone can point me in the right direction. Just purchased a single family home and it needs extensive renovations. The property is zoned for multi family. I figured since I need to replace the roof, rafters, flooring and subfloor, I might as well raise it up and turn it into a 4 plex. It will be (4) 3 bed/ 2 bath units in Jacksonville NC. The ARV will be $450k, I paid cash for it so no mortgage at the moment. My credit score is in the 700s. Low DTI. W2 in the $70k. Been with the current company for over 17 years. I just need $100k to finish it and the rental income on the 4 unit combined will be over $4k monthly. What kind of loan should I look for?