All Forum Posts by: Lilian Gonzalez
Lilian Gonzalez has started 7 posts and replied 25 times.
Post: HELOC vendors in Philadelphia?
- Posts 25
- Votes 6
thank you
Post: HELOC vendors in Philadelphia?
- Posts 25
- Votes 6
Quote from @Brittany Minocchi:
Quote from @Lilian Gonzalez:
Quote from @Brittany Minocchi:
Depending on the property type and how title is vested, there are a couple of lenders doing them on investments. You'll get a lower rate and higher LTV with a cash out refi than you will a HELOC or HELOAN, be prepared for ~70% LTV max and double digit interest rates. Feel free to shoot me a message if you have any questions!
Hi do you offer Investments HELOC in PA or NJ?
Yes
Also under an llc?
Post: HELOC Portfolio Financing
- Posts 25
- Votes 6
Quote from @Andrew Postell:
@Lilian Gonzalez you have found lenders that will do a HELOC on an investment property, requiring you to have 40% equity and only in your personal name? I mean, that's just crazy talk to me. Yes, other lenders should be able to do something different. Get connected locally and see who other lenders are using.
Hi Andrew - sorry for the confusion. The 40% equity was just a reference that the property has at least that much available equity. Not that the lender is is requesting that from us. We haven't been able to find a lender that does Home Equity loans on investment properties under an LLC. Still searching. Thanks
Post: HELOC Portfolio Financing
- Posts 25
- Votes 6
Quote from @Andrew Postell:
@Lilian Gonzalez we usually recommend going with some local lenders for this type of thing. No large, nationally based banks. So, check in with some other real estate investors in your market on who they use. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. But post locally for this. That’s the best bet.
Also, the biggest question they will want to know is what % of equity do you have in your properties. Meaning, if you have 25% equity...that's not enough to do a HELOC (usually).
Thanks Andrew. I forgot to mention that my properties are under LLC's. I haven't had any luck finding a lender that provides Home Equity loans on Investment properties under an LLC. They all have >40% equity and would qualify if outside of an LLC. I don't want to take them out of the LLCs just to obtain an equity loan. Any recommendations
Post: HELOC vendors in Philadelphia?
- Posts 25
- Votes 6
Quote from @Brittany Minocchi:
Depending on the property type and how title is vested, there are a couple of lenders doing them on investments. You'll get a lower rate and higher LTV with a cash out refi than you will a HELOC or HELOAN, be prepared for ~70% LTV max and double digit interest rates. Feel free to shoot me a message if you have any questions!
Hi do you offer Investments HELOC in PA or NJ?
Post: HELOC Portfolio Financing
- Posts 25
- Votes 6
I have had a few properties in PA and NJ for over 2 years. I would like to see if anybody can recommend a lender for HELOC on one of my investment properties. is my first time doing one, what are the key questions when doing one? thank you
Quote from @Nathan Gesner:
Quote from @Lilian Gonzalez:
thank you
No!
Tenants are below market rate.
They are not reporting maintenance, and it's driving your costs up.
Should you split the meter? Yes, but don't split the meter and keep these same tenants who can't pay market rates! Get them out, split the meter, put in a new tenant at market rate. Your life will be so much better, and you will be able to afford to maintain the property well.
Quote from @Ned J.:
Give them notice for the new lease term.... higher rent and the new responsibilities for utilities. They accept them or move out. That's the beauty of the MTM.... the free ride is over
Thats what I thought.. I cant be nice anymore. Thank you so much.
They are on a month to month base. They responsible for Electric,Gas,sewer and trash.The water still not on the lease.
Good morning, I really appreciate any constructive feed back. I just bought a property in PA with tenants in it. I didn't ask to have them out (big mistake) They where not paying market value rent and only electric and Gas. I pay for water, Sewer and trash. This bills are Streamly High. I did raise the rent this year by $50 but still very low. I warned them few months ago I will have to split the water meter into three units but at the moment i have to come up with pluming money and wont be fair to split the bill in three . I do split trash and sewer. They complain the bill was so high and cant be possible. The last Landlord pay for that. I told them, they can move and pay market value some place else and still pay all utilities.I also told them the last landlord bought that house for 60k ten years ago(slumlord), and I pay $250k , and invest $14k to fix it.One of the Tenants keeps breaking the toilet handle and water keeps running for days and the sewer meter keeps reading and thats the reason for the bill being so high. Should I keep paying for water bill or should split the meters with the town?. This utilities are keeping me almost in the red and I'm sick if this, almost want to sell the property. Although I know if rented at market value is a good cash flow.
THANK YOU