All Forum Posts by: Sean Salandy

Matt Y. My main concern is the moment I try to refinance the rental property. I'm hoping the score hasn't dipped so low that it causes the bank to deny the request. I will find out for sure and definitely post the results. The limit on it is 100 grand.

Thanks Matt Y. Marco Gambino Brent Paul Kyle J. for all the replies. I will research the links provided. What I've done so far is write a check against the HELOC for 30% of what's available just to have the money in my checking account and I noticed in the following billing period I received a negative alert from experian. However, I noticed my score was unchanged. I realize this was just 30% and I expect the score to change once I use a higher percentage of the limit.

I am planning to use my HELOC to purchase a property. The plan is to then refinance the property once the seasoning period is over and then pay off the balance of the HELOC and do the process over again. My question is, if I use the HELOC to purchase the property and my balance is 75-100% of the credit line, will that lower my credit score to the point that I may not be able to refinance the newly purchased home?

James Wise good point.

Don Coumbs I always wonder about agents who deal with multiple investors and who they decide to send deals to first. You're right though, it only makes sense for the agent to be fair because at the end of the day the more investors he/she has the better it will be for him/her. As long as I show that I'm not wasting anyone's time and as long as I can close deals then I shouldn't worry.

Karl Krentzel that was an awesome response. Your points have been noted. I can see how it wouldn't be worth the risk for an agent/investor to withhold or steal potential deals. Especially since there are enough deals to go around.

Thanks Steve Vaughan I can see how it would benefit. I am going to call one today to speak to him.

It has been said many times that it is best to find an Agent that also invests in their own properties as well. I'm just curious to know whether anyone believes these agents might ever be tempted to keep good deals for themselves?

There seems to be no clear consensus on this but it is always good to hear everyone's opinion. I personally feel as though establishing a series LLC is the move for me. Sure, I might be able to get by with just a good insurance policy but my gut says to use both insurance and an entity. The attorney tried to talk me out of doing a series right now since I am in the beginning stages of my investing. So basically a regular LLC would cost close to $1500 and the Series LLC would cost close to $8000. The accountant on the other hand said the series would cost the same as the non-series LLC and that would cost around $600 for her to set up. All good feedback though. I am going to make a decision very soon but until then I will continue my research.

Thanks Michael R. I'm going to take a look at that site right now.