All Forum Posts by: Marcos De la Cruz
Marcos De la Cruz has started 18 posts and replied 84 times.
Post: Looking for insurance on SDIRA purchase
- Investor
- Huntington Beach, CA
- Posts 85
- Votes 32
Quote from @John Mocker:
Marcos,
Agents will need to know more about what you are purchasing and what the eventual use/result. What type of structure:
1-4 family
5+ unit apartments
Mixed Residential/commercial use
vacant building
raw land
They will also need some info on what will be happening:
1. Buy and rent out
2. Flip
3. Renovate and hold for rent
4. Short term rental
The Location, Condition, updates, etc. will all also help an agent narrow down the possible markets for you.
Look to independent agents (with multiple companies). I have seen Bo Bond from CP Insurance answer questions in the forums and I think he is in TX.
Post: Looking for insurance on SDIRA purchase
- Investor
- Huntington Beach, CA
- Posts 85
- Votes 32
I'm looking for a policy on a new rental I'm buying within my SDIRA in TX.
Thanks.
Post: Looking to get a HELOC on a property in TX
- Investor
- Huntington Beach, CA
- Posts 85
- Votes 32
Quote from @Jay Hurst:
Quote from @Caroline Gerardo:
There is no bank or normal lender who will do a first position HELOC today. They use short form title and automated valuation data tools that do not line up with a loan in first position.
There were some last year. All pulled out. @Jay Hurst let me know who you think does a first lien HELOC non owner
Hard money for a year, get a full title insurance policy then try to do a HELOC
You need 721 score, full doc and no LLC
@Marcos De la Cruz @Caroline Gerardo I do. In Texas. We are a balance sheet lender so lend our own money. We do not broker it out, we make out lending decisions. It is my money.
It is a advised line so it is not able to be used for anything, but it can be used to buy 1-4 unit business purpose property (non-owner occupied). However, the reason I always ask what the use is for because it is short term money so if the answer is to get cash out for a down payment for example you would be better off getting a fixed first lien.
Post: Looking to get a HELOC on a property in TX
- Investor
- Huntington Beach, CA
- Posts 85
- Votes 32
Quote from @Jay Hurst:
Quote from @Caroline Gerardo:
There is no bank or normal lender who will do a first position HELOC today. They use short form title and automated valuation data tools that do not line up with a loan in first position.
There were some last year. All pulled out. @Jay Hurst let me know who you think does a first lien HELOC non owner
Hard money for a year, get a full title insurance policy then try to do a HELOC
You need 721 score, full doc and no LLC
@Marcos De la Cruz @Caroline Gerardo I do. In Texas. We are a balance sheet lender so lend our own money. We do not broker it out, we make out lending decisions. It is my money.
It is a advised line so it is not able to be used for anything, but it can be used to buy 1-4 unit business purpose property (non-owner occupied). However, the reason I always ask what the use is for because it is short term money so if the answer is to get cash out for a down payment for example you would be better off getting a fixed first lien.
Post: Looking to get a HELOC on a property in TX
- Investor
- Huntington Beach, CA
- Posts 85
- Votes 32
Quote from @Jay Hurst:
Quote from @Marcos De la Cruz:
I own a rental (in my LLC) in Anna, TX that's free and clear. I want to access some of the equity. If anyone can recommend a bank I'd appreciate it. Thanks!
@Marcos De la Cruz This should not be a hard loan to find. What are you looking to do with the equity?
Thanks! This is very helpful. I have actually called local small banks and some have said that I need to be a TX resident. I’m not.
Post: Looking to get a HELOC on a property in TX
- Investor
- Huntington Beach, CA
- Posts 85
- Votes 32
Quote from @Caroline Gerardo:
There is no bank or normal lender who will do a first position HELOC today. They use short form title and automated valuation data tools that do not line up with a loan in first position.
There were some last year. All pulled out.
Hard money for a year, get a full title insurance policy then try to do a HELOC
You need 721 score, full doc and no LLC
Thanks.
Post: Looking to get a HELOC on a property in TX
- Investor
- Huntington Beach, CA
- Posts 85
- Votes 32
Quote from @Jay Hurst:
Quote from @Marcos De la Cruz:
I own a rental (in my LLC) in Anna, TX that's free and clear. I want to access some of the equity. If anyone can recommend a bank I'd appreciate it. Thanks!
@Marcos De la Cruz This should not be a hard loan to find. What are you looking to do with the equity?
Post: Looking to get a HELOC on a property in TX
- Investor
- Huntington Beach, CA
- Posts 85
- Votes 32
I own a rental (in my LLC) in Anna, TX that's free and clear. I want to access some of the equity. If anyone can recommend a bank I'd appreciate it. Thanks!
Post: Looking for a broker
- Investor
- Huntington Beach, CA
- Posts 85
- Votes 32
Quote from @Quinton Phillips:
Quote from @Marcos De la Cruz:
I'm looking for a broker in the Atlanta, Marietta area. Thanks.
Hey @Marcos De la Cruz I just sent you a PM.
Hey Quinton,
I've never worked with a broker before. Please tell me what you do. Thanks.
Post: Haven't done any BRRRR yet
- Investor
- Huntington Beach, CA
- Posts 85
- Votes 32
So I have 4 properties, none of which were BRRRRs. Would I be correct in saying that the only way to get a deal is to get something that needs rehab?
Only one of mine was "used" when purchased, the others were new.