All Forum Posts by: Nathan Frost

Hi, has anyone applied for a business line of credit with American Express? What all do I need to do? Would like to get the process going. Looking for 20-50k.

1 Vote

Quote from @Aristotle Kumpis:

Are you looking to flip the property in a few years? I know of a credit union in Alabama that can do 0% down on new construction rentals if you are interested. But you will be -$700 a month cash flow each month.

Its not new construction.

0 Votes

Detroit, Michigan

Quote from @Drew Sygit:

@Nathan Frost you will NOT find a lender that will take on the higher risk of only 10-15% down without compensating for that higher risk via higher interest rate and/or fees.

The only exception would be you finding a relative or friend to lend you the money.

Thats fine. I found 5%. I just want to keep more cash in my pocket and a nest egg for the first 6 months.

1 Vote

Detroit, Michigan

Quote from @Jay Hinrichs:

dont know how good they are but they are REAL so thats a good thing..

compared to the fake lenders on sm or the joker brokers. PS I know there are great Brokers on BP I am not talking about those folks

By the way sold the portfolio at full ask. Got out of the DSCR.

4 Votes

Wichita Falls, Texas

Hi, does anyone recommend a low fee 15% down credit union or lender for a 30 year note in Detroit? Doesn't have to be based out of Detroit but a solid low fee lender that has great rates that can be at 15% down? If they can get me 10% down that would be great. Not looking for 20% down. Don't contact me if only do 20% down.

Please let me know. Any recommendations would be great. Thanks.

0 Votes

Detroit, Michigan

Hi, has anyone used RCN capital for lending? If so, are they trustworthy and good?

0 Votes

Wichita Falls, Texas

Hi, does anyone know any lender that can do HELOCs on investment properties? I already did a cash out refinance on my primary in Texas and therefore can't do a HELOC on it.

Trying to find other ways to get 10-40k cash.

0 Votes

Wichita Falls, Texas

Quote from @Brian Hansen:

Quote from @Nathan Frost:

Quote from @Brian Hansen:

Quote from @Nathan Frost:

Quote from @Brian Hansen:

The issue with using 0% credit cards is that you need to liquidate the cards in order to get the cash (unless you can charge a card for what you're looking to use the money for). The liquidation is a bit of a process and will cost you money as a service, too.

I'm also thinking about a line of credit for that reason. Money out, money in, no liquidation needed to get cash.

I recognize that the loans are not going to be 0% and some banks will not want to create lines if they know it's for real estate investment due to the risk factor.

Trying to find a bank who is OK with a line for real estate and has a low-ish rate.

@Nathan Frost - I'll keep you posted on what I find, but it seems that, if the numbers work, you can do cash out refi on some of your properties to get cash that you can use as your own bank.

Appreciate it. Yeah, I have business credit cards. Its great to have access to the cards/cash but to me that is only if doing a flip or BRRR. If you end up with 40k cash on the all cards you need to pay that off in 12 months for 0% interest or else you will be paying a high amount. Don't think that works for buy n hold investors.

That's correct. That's the position I'm in right now. My 0% cards run out in November. I'll be moving money from my HELOC to pay those down to 0%. The HELOC has a high interest rate as well, so I'm actually doing a cash out refi on a property to get cash out of the equity. This particular property already is at 6.9%, so I'm comfortable swapping rates since it was not at, say, 4.5%. It won't add all that much to the monthly payment, I can afford the closing costs, and there is enough equity to get a 90% HELOC and pay off the credit cards.

Getting a HELOC on the investment properties? Texas doesn't allow that so I am selling a few here and investing in other states with lower taxes and allow HELOCs on investment properties.

I am doing a balance transfer from AMEX to Chase Business but once I sell some properties I can pay it off. Wish I could find a way to pay the rest off without having to use proceeds from the sale of some of my investment properties. Don't really want to do a HELOC on my current primary home but could. How much could I get? I owe 109k on my primary and it is worth about 220k. Can I get up to 80% - what I owe?

I believe so, yes. You can find lenders who will give up to 90% loan to value.

90% be great in Texas. AIO might be better even if at 8%. All in one HELOC is pretty impressive.

0 Votes

Lubbock, Texas

Quote from @Brian Hansen:

Quote from @Nathan Frost:

Quote from @Brian Hansen:

I'm also thinking about a line of credit for that reason. Money out, money in, no liquidation needed to get cash.

I recognize that the loans are not going to be 0% and some banks will not want to create lines if they know it's for real estate investment due to the risk factor.

Trying to find a bank who is OK with a line for real estate and has a low-ish rate.

@Nathan Frost - I'll keep you posted on what I find, but it seems that, if the numbers work, you can do cash out refi on some of your properties to get cash that you can use as your own bank.

Getting a HELOC on the investment properties? Texas doesn't allow that so I am selling a few here and investing in other states with lower taxes and allow HELOCs on investment properties.

0 Votes

Lubbock, Texas

Quote from @Brian Hansen:

I'm also thinking about a line of credit for that reason. Money out, money in, no liquidation needed to get cash.

I recognize that the loans are not going to be 0% and some banks will not want to create lines if they know it's for real estate investment due to the risk factor.

Trying to find a bank who is OK with a line for real estate and has a low-ish rate.

@Nathan Frost - I'll keep you posted on what I find, but it seems that, if the numbers work, you can do cash out refi on some of your properties to get cash that you can use as your own bank.

0 Votes

Lubbock, Texas

All Forum Posts by: Nathan Frost

Nathan Frost has started 106 posts and replied 336 times.

Post: AMEX Business Line of Credit

Post: Investment Property Lending 10-15% down

Post: Investment Property Lending 10-15% down

Post: RCN Capital Lending

Post: Investment Property Lending 10-15% down

Post: RCN Capital Lending

Post: HELOC on Investment Properties

Post: Business Line of Credit (Who is best)

Post: Business Line of Credit (Who is best)

Post: Business Line of Credit (Who is best)