All Forum Posts by: Sean McCluskey

@Alvin Sylvain This is 100% correct. The global economy used to have 90% of all humans employed in physical labor on farms, agriculture etc. No longer necessary, and no one is complaining.

Hi @Leo K., I'm wondering if you could share who your lender is for that 90% LTV, 24-mo IO period financing? Thanks!

@Jeff Dippel I’m not an expert on condos by any means. But, are you allowed to do Airbnb in your building?

If so, what about a HELOC plus Airbnb strategy? You get to buy more properties and will likely be cash flow positive on the Laguna Beach condo.

@Stefan Tsvetkov Wow, must be nice to be debt free while shopping for a loan!

Yeah I meant to say maximum DTI not minimum, nice catch.

@Mehran K. Thanks for this info on SDFCU's HELOC program! I called them to try to confirm the 50% DTI ratio limit but they wouldn't say a hard # of what DTI they'll go up to.

Did you ever do a HELOC with SDFCU?

If so, do you have an idea of what your DTI was when you got the loan?

I'm trying to do the math on my personal residence refi and want to know if I'll qualify for a HELOC afterwards. I'll be at about 40% after refi, before counting the monthly cost of the HELOC.

Thanks!

Hi @Joseph May, @David A Lisowski, @A.J. D'Asaro and @Stefan Tsvetkov - thanks for all of the information sharing!

Can you give an idea of what your DTI ratio was when you opened your HELOCs with SDFCU and Signature FCU?

I'm trying to do the math on my personal residence refi and want to know if I'll qualify for a HELOC afterwards. I'll be at about 40% after refi, before counting the monthly cost of the HELOC.

I've read that SDFCU would go up to 50% DTI but they wouldn't confirm a hard # on the phone. Their minimum credit score was 630, for others who are interested.

I heard from Signature that their minimum DTI is 40%, which seemed pretty low to me... Thanks!

@Scott B. I'm looking for a good HELOC and I'm wondering, did you end up going with SDFCU?

If you did go with them, I wonder if you could give an idea of what your DTI ratio was when they approved you? I've read that they'll do up to 50% but they wouldn't give me a hard # on the phone.

I'm trying to do the math to make sure I'll qualify before refinancing my primary residence... Thanks!

@Ian McDonald Michael nailed it, CCIM is the biggest name for commercial RE. Also look at ULI, NAIOP for industry associations. And as far as higher education, an MSRED is what you would be looking for. Some of the top MSREDs are Georgetown, MIT, USC etc.

@Dan D. This. Don’t assume that everyone else in your market a) knows how to calculate cash cow and b) is investing that way.

@JD Martin His rate of return is phenomenal so far, each asset has what a 75% increase in market value, so at 4:1 original leverage he’s looking at a 300% return before considering any cash flow. And he can access most of that gain via HELOCs to do his Spain and Thailand deals.

BiggerPockets is dominated by people investing in the middle of the US, so this is not a typical story for this site. But it sounds like its going great to me.