All Forum Posts by: Jack Bobeck

Jerie Bowie you can never have too many Realtors, Contractors, wholesalers, know too many fellow investors. People change, professions change, always be adding and keeping your lists of colleagues fresh. It’s all about the deals. Best of luck to you and your lists of team members!

@Larissa Luna The loan is a permanent thing, it is there for the term and is always there. I like the line of credit options. Many banks will do 60-80% LTV, each has a different program. You borrow, use, and then put back when not needed. I like this much better than being on the hook every month for a payment, EVEN if you don't need the cash.

let's hope one day we don't need bank cash and can use our own for our own deals! 

@Christopher Price This is a head scratcher, who knows why they moved out. I always tell people that they do not have any stories until they have had tenants. Tenants give you the best stories. All landlords could write a book on the stuff we put up with from tenants. 

In order to cut down the "stories", I use a tenant placement firm that does all the background checks and income checks and interviews before the lease starts. This is all they do and it helps me avoid "stories" of late. Best of luck to you! 

@Sheena Varghese I just copied what @Account Closed posted from Andrew's message and sent to 1) my CPA (hey will this fly?) and 2) my mortgage guy who is my portfolio lender. I want to make sure it will fly in Florida, as I am in Jax. If this is A-OK, its a great solution for getting around the seasoning issue. The cost of the LLC is minimal, courthouse filing minimal too.

@Account Closed Cost of money is nothing, but it could be everything if you do not have the funds needed to do a deal. Better to have it, not need it, than to not have it and lose a deal. Once you create the HELOC, you cannot go back and change it, without starting all over. Dang, you can get 100%, that is awesome!

I called TD Bank this week, this is what I got out of them: Yes, they do offer HELOCs to investors on Investor properties. You must have a 685 credit score or higher, 75%LTV max, orig fee $99, Annual fee $50. Then it gets weird. If the amount of the HELOC is less than 200k, they will only do a "desktop appraisal", they look at the "taxable value" and give you 75% of that amount. If the loan is over 200k, they will pay for the traditional appraisal.

Huntington is only doing HELOCs in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, and Wisconsin. 

@Shawn Crawley I have used Callfire before. They are easy to use and have a pay as you go model of 5 cents to $599 a month for 20,000. There are plans in between as well. Best of luck to you. 

@Cody Wilkinson This is a great question for TWO team members you should have on your team, 1) Your CPA, and 2) Your attorney. Make sure both work with investors, if they have their own properties, a bonus. 

@Chrissie E Lewis Most banks will work with you on a HELOC on your primary residence. Most will require a credit score of at least 680. Most will allow 15k-500k. Some are picky about multifamily, so make sure you ask that question up front. Some will do a "tax value appraisal" others a full appraisal. Must have insurance on the property, none I have found require the inspection.

I would not worry about the painting, the appraiser is going to look at the value of the home based on other homes of similar square footage in the market. He/she should not be "grading" you based on your paint on the house. You can tell 'em that the HELOC is to help get the house painted. Duh.

Once you have the HELOC, I would be out looking for the next property. You can look now, get your ducks in a row. Get a list of contractors together to help with needs (power, plumbing, paint)

Best of luck to you and your projects! 

Jane Dang is there no rental placement form you can work with to find a tenant?