All Forum Posts by: Namit Raisurana

I am currently 38 and want to completely be on passive income by the time I am 50. My target is 20k/month and I am currently at 6k, long way to go. In bay area, numbers below this would not work unfortunately. Inspiring to read stories about the folks who already reached their target 👏

@Ian Stuart Can you share your details, I will email you what I am looking for? Tks

The max they do is 500k. The FMV is 2.7M, the balance on prime loan is 1.2M.

Hello,
I am looking to get a HELOC on my primary home. I have around 1.5M equity in the house and already have a 500k heloc from fremont bank. Are there any lenders who are fine to be 3rd in lien (after my prime mortgage and current heloc) that can lend me more? Or are there other lenders who can lend higher than 500k (in which case I will close my heloc with fremont bank). I came across meriwest and they provide heloc for upto 1M on primary home but only when LTV is 50%.
Thanks
NR

Hello All,
I recently purchased a property in East Palo Alto, CA. The property is 100ft wide and 110 ft long (11k sqft). On the right side of the land there is a 2 storey house with 3000 sqft living area in it. Afer leaving the clearance from the house, I am left with 47ft wide land, length is still 110 ft long and thus about 5,170 sqft of vacant land (47*110). 

I am interested in subdividing this vacant part of the land, so that I could either sell it as is or build on it and then sell it off. The key concern is the width needs to be minimum 50ft, but mine is 47 ft and thus I will need to request for a variance. I have had conversations with the city planner and he hinted that if I am ready to designate it as BMR (below market rate) for folks who earn 80-90% of the median income of the city for folks like policy officers or teachers, I might have a chance at getting this approved. 

I have started reaching out to land surveyors to help me put together a topography survey and then have a tentative map or preliminary map from an architect and then take it to the city. I am looking for guidance on how to go about this process and any gotchas that I got to keep in mind.

Will appreciate any advise

Thanks

Thanks for your reply @Brent. Yes, not too concerned about the $3500, but just want to make sure I have explored all my avenues for getting a heloc. 

Hello, 

I am looking for a Heloc on my primary home for about 500k. I am based out of California. 1st United services credit union offers heloc for 250k without any cost, but for 250k-500k I need to pay for closing cost and appraisal, costing me around $3500. 

Any suggestions for better HELOC? Any gotchas I got to keep in mind? I will mostly use these funds to make other investments, but dont have that decided yet. But want to have the funds ready so that I can jump on it when I find a good opportunity

thanks in advance