All Forum Posts by: Ty Wesley

Thanks a lot Chris. I'll be asking questions at my local bank soon so your response helps me out a lot, thanks. 

Hey BP members!

If I were to get a home equity line of credit on my primary residence, would I be able to write checks against the credit line to close on an investment property?? Or does the bank just give you a credit card with your limit being the amount of the equity your house has?

I've never gotten a HELOC before and I'm not really sure how it works. I plan on going to my local bank to inquire soon, but just wanted some quick clarity on the way it normally works.

Thanks in advance BP!

To anyone who rents out condos in center city of Philly (my home town) or in your hometown, is it true that you can write off the HOA fees for your unit on your taxes??

I've read in a lot different articles that this is allowed, but some say ALL of the HOA fees for a rental unit are deductible. Others say that only PART of the HOA fees are deductible.

Any and all replies will be read and greatly appreciated, but if you have experience in leasing out condos in the center city philly area please feel free to give me your input on this question.

Thanks again BP members !!

Thank you Jon, I am currently a part of a credit union here in the philly area. Ive held a checking and savings with them since about 2008 so im hoping I have some luck when I apply. I was just looking for some input from someone who has been approved for one before. What are the general qualifications??

Dawn yes !! Thanks, I forgot that was another word for it. I have condos in my area that I want to purchase with cash, just not my hard earned cash. I have enough saved up to purchase one, but I would be more comfortable just not spending my last right now.

Dion DePaoli

"What do you understand a Signature Loan to be?

In most cases there are two types of loans in the residential market those that can/will be sold to another firm or a GSE and those that will stay with the originating lender which are referred to as portfolio loans."

Whichever loans you don't have to exchange collateral for.

Hey again BP,

Does any one have any experience getting signature loans. What are some of the basic things banks require to approve an applicant for a signature loan these days??

I'm located in Philadelphia, PA and I was checking the results of recent sheriff sales on the Philly sheriff's website today.

On the lists, a few properties have "AOW" next to the sold price.

Can anyone elaborate on what exactly "AOW" stands for??

I appreciate it everyone, thanks.