All Forum Posts by: Sean Autry

@Cory K Bente, I didn’t know Union Bank offered HELOCs on rentals. I’ll keep that in mind for the next one.

@Sheila Mathers, Pentagon Federal Credit Union is who I use for HELOCs on my rentals.

@Chandler Harker, Pentagon Federal Credit Union does HELOCs up to 80% on investment property. I've done a HELOC with them on my triplex.

@Alexander Hish, thank you for the replies. I had thought about that, but the way the deal was priced, the only way to make it work was to add that a separate unit.

In the end it doesn't matter. We talked to the city and it turns out that area was re-zoned a few years back for SFR. They wouldn't let us do it.

@Dennis M., touché, sir

Thoughts?

Seems like my only real option is to see if the seller is willing to go through the permitting, I let them keep the property on the market during this timeframe, and I hope and prey the property is not sold by the time the permitting is complete.

@Max T., utilities would be fine, but we talked to the city today and Zoning is a problem. They said we could file a permit request to use the property outside of its zoning use which is now SFR. That'll take 4-6 weeks. The agent didn't sound too pessimistic that would be approved, but didn't let on any optimism either.

@Corby Goade, great feedback. Thank you. I hadn’t thought of the driveway appearance. Great point.

@Victor S., thanks Victor. Rents for this would be at least $800/mo, up to $1,100 if I have the room for a 2bedroom.