All Forum Posts by: Lucas Stringfield

@Corby Goade , the subject property is in Idaho. PenFed does provide HELOC options in Texas, but it sounds like the property would need to have a Homestead Exemption filed. Not sure on the specifics of how to accomplish this. Also, I just remembered that they require that the client own no more than three properties.

@Corby Goade , I just closed on a non-owner occupied HELOC through PenFed Credit Union. Similarly, it was extremely difficult to find, but very useful once it went through as I used the HELOC to purchase two duplexes.

I hired Rooftop Real Estate Management (out of Idaho Falls, ID) to manage one of my properties in Pocatello and they have done an outstanding job. They only manage higher-end rentals though, so they wouldn't manage one of my other properties. They came highly recommended and have lived up to the expectation!

@Aaron Linden I have not looked into this. Perhaps that will be my next step if the current mortgage holder gives me a definite "no" on the Heloc. Thanks for the creative thinking!

All, thanks for the input. The Cash Out Refinance seems to be the direction the banks are pushing as well and may be the next best option. Another reason I've been desirous of a Heloc is that the current mortgage on the property is a 3% fixed. However, this may not be a possibility, so I'll need to move past this mental hurdle.

Hello All,

I recently moved out of my home of 8 years that I had aggressively paid down. I kept it and am using it as a rental property now. Its value is about 160k and I owe 39k. I would like to take a Heloc out on it to invest in more properties, but cannot seem to find anyone willing to provide this option on a rental property. Any suggestions? 

My partner and I are about to close on our first deal. It's a four-plex with four tenants we will be inheriting. I plan to meet with all the tenants shortly after closing. What are the initial 'must-address' issues to bring up? 

Hey all, 

My name is Lucas Stringfield. I live in Pocatello, Idaho and work for the U.S. Forest Service as a wildland fire engine Captain. I would like to invest in this area. I'm just getting started, so I realize I have a lot to learn and am eager to get started. Looking forward to working with all the savvy folks at Bigger Pockets!