All Forum Posts by: Joseph M.

Dennis,  Just a follow-up.  They only lend within certain states (mainly the NorthEast).  My properties are in NC and SC, so I would need to get a bank that will lend in those states.  Thank you very much for reaching out.  

Thanks Dennis!  I will give them a call tomorrow morning.

Hi,

First, who cares what the father does for a living; cop or no cop.  You were not talking to the father and he is not your prospective tenant. If the father is throwing around "I am a police officer" attitude, I would give a nice call to his chief or immediate supervisor. That will stop him cold!  Second, you had a simple conversation with a prospective tenant.  This happens all the time and it is not until both parties agree and sign the lease that you really have a binding contract.  After all, a verbal agreement is as good as the paper it is written on.  Third, Like Tyler said, DO NOT cash that check.  That may look like you have approved the tenant.  Plus, if this tenant is giving you this much grief BEFORE he is actually a tenant, what do you think he will do once he has moved in.

I would keep moving forward and get your property rented to someone with less demands and with a solid rental history.  Your easiest eviction is your application process!

Hi Fellow Investors,

This is my first post on BP, but I have been a BP reader for some time. So I am hoping that with your collective knowledge, you may be able to assist me. I have been a buy&hold investor and LL since June 2000 and have experience with all types of properties, including developing land. With that said, here is my question. I currently own, free & clear a few A-/B+ class SFR properties. I would like to tap into the equity of one or two of them so I can continue to expand my portfolio. I would like to be able to obtain a HELOC on one or two of them vs. obtaining a conventional 1st mortgage (10, 20 or 30year). By using the HELOC model, I could use the equity when needed (no mortgage payment until funds are needed) and pay back the HELOC in an accelerated fashion. This would lower each months payment AND quickly refill the HELOC for the next deal. I call this my "self-funding" model.

I have talked to a few larger banks (who love my income, debt ratio, cash flow and FICO score) BUT will only do a HELOC on a primary residence or a 2nd home. What I am asking this group is has anyone done this type of financing on rental property? If you have or if you know of a lender that will place a HELOC on a rental, please respond with a contact so I as well as others within this group would be able to give that lender a call. Also, let the group know of any pitfalls that may come with this type of loan.

Thanking everyone in advance,

Joseph

Sacramento, CA

Hi,  I just updated my profile and I saw this post.  I missed it by one day.  When is your next meeting?  If possible, please include me on any e-mail distribution list.  I can be reached at [email protected]. 

Thanks and hope to attend your next meeting.