All Forum Posts by: Kelvin J.

Does anyone in Florida know of a lender that will give a Home Equity Line Of Credit on an investment property (not a Primary Residence) and what their typical rates might be?

I know banks look at it as riskier but as a footnote, I leave in rented accommodation and don't currently have a primary residence.  

@Kelvin J.

Hi all

The company I eventually found is

www.kin.com

They were quick and informative and came up with two quotes, one of which wasn't too expensive.

As a side note, any mobile home from 1995 or older only seems to qualify for insurance up to its CASH VALUE, for 1996 and newer you are covered for it's REPLACEMENT value which is a much higher number and better protects the investment.

Thanks.

@Rachel H.

Thanks Rachel. I actually found a company on my 12th call. Even the heavy hitters like Allstate don't insure. Foremost was on my list and if this falls through I'll surely call.

@Blake Dailey

Thanks Blake. Affordable is based in the right area but will only insure from 2004 onward. They, like most, don't have carriers that will assume the risk after the hurricane apparently.

Hi All. 

About to close with a cash deal on a 1995 manufactured home (mobile home) in the North West Florida near Panama City. Shopping for homeowners insurance is proving extremely difficult, as after hurricane Michael, the insurance companies are very shy.  Does anyone have a line on a carrier that will insure?

Thanks, Kelvin

That's good to know. I'll start looking into it. Thanks for the advice.

Thanks for the response Kyle. The current lender doesn't offer HELOC and my mortgage advisor told me no one will do it on an investment loan or if I am not living there as my primary residence. A HELOC would be fantastic if I can get it arranged.

Any finance people out there run across this? Or can recommend any lenders they've worked with that have good products? I live in the Florida Panhandle if that helps.

Thanks, K

Hi all. I bought an investment property and would like to move into it as my primary residence. To release the capital I have tied up in it, can I get a HELOC loan, or is there another option that is less expensive than a full refinance (large fees)? I've had the property 2 years. Thanks!

I actually think the rehab will cost less. The Kitchen cabinets are in the property, as are fans, light fittings, bathroom sink... the biggest expense would be a refrigerator and hot water heater .and flooring in the bedrooms. It is freshly painted and floor tiled and has new A/C.

Any thoughts on how to approach a private lender, or how to structure a deal where I would refi and keep the property? 

Thanks

Hi all. 

I found a 3 bed, 1.5 bath property on a B- street that was a former rental ($1300 p/m) and has just undergone about a 90% re-hab.  It has no kitchen or bathroom installed, and so is not available for a conventional loan. I can't see anthing seriously wrong with the property at all, and to finish the rehab would cost approx 10K. Asking Price for cash buyers is 110K, ARV approx 150K. Possible flip.

I have an investor that has expressed an interest in doing a deal with me in passing (based on my recent successful rehab that is now rented and cash flowing). 

Do you have advice on how to approach him and how I might structure this deal to benefit both of us? Ideally I'd like to refi after the rehab and keep it as a rental.

(because the rehab is mostly done, I am not bringing much value other than the deal, which isn't under contract)

Many thanks, K