All Forum Posts by: Khemaro N.

@Brian Gerlach They said no because I have four mortgages. They can do a primary Heloc for me but not an investment property Heloc. HOWEVER, I was able to find a bank that was willing to do it. The only catch is that they would have to be in the first Lien position in order for me to get the Investment property Heloc, so I would have to refinance with them. Unfortunately, my current interest rates is much lower than what they could offer me so I declined.

@Jean-pierre Martinez

Yeah same here I tried PenFed and they said I couldn’t do it right when my application got to processing. I tried TD bank right after, and they said the same thing only they added that I may want to consult a real estate attorney to see how it could be done.

Hello BP insiders!

I am having a problem getting a non owner occupied Heloc approved because I have 4 mortgages. Has anyone ran into that problem and managed to pull it off?

@Jeff Byrne Good fortune favors the Bold while birds of the feather flock together and eagles fly alone. =)

@Shaun Ng I was told by our future CPA that if you’re filing joint returns then you can take the losses on the real estates not matter who owns title so long as one of you is a RE professional. IRS does not care who is own title. They care that you do file everything; Assets are listed together likewise with incomes and deductions etc..

@Dan Gustavson thanks lot n good luck

@Dan Gustavson My wife n I also looking to do the same 1031 exchange with another property we have. What we did is find a seller first then negotiated the term with some money upfront as a downpayment. Currently now our property is on the market. Once we get a buyer then we can start the process.

@Igor Messano and everyone thanks for the input. Ultimately, I want to scale up and get into bigger deals more cashflow. Seems that if i refinance now, I am still going to cashflow 35%. It would make sense for me to recapture that initial money and deploy it into another multifamily property as down payment.

@Costin I. I’m assuming a portfolio line of credit is exactly what it sounds like right? A line of credit on all my properties?

@Dan Handford looks like 35% cash on cash return. If I was to refinance. I would recapture the Capital but debt service goes up.