All Forum Posts by: Walter Ocampo

I'm not sure. I would assume so, especially since the house isn't owned by the LLC, it's in my wife's name.

I am approved for a commercial line of credit on my property. The bank got it approved in the LLC's name, as opposed to our personal names. Does this matter at all? Are there any pros and cons from having it in one name or the other? In the end, does it all affect us the same way? Thanks in advance for your input!!

Hi Brad, the renovation will probably be around $150,000.

I haven't spoken to a portfolio lender. I spoke with a bank and was told that because it is a triplex, even though I live in one unit, it would be a commercial line of credit. And even for that he said my debt to income ratio was too high.

Currently I have three properties. A one bedroom one bathroom home, a triplex (my family and I live in one unit), and a quad. The one bedroom is paid off, we have a HELOC on the triplex, and a mortgage on the quad. I hit the debt to income wall and was denied on increasing my HELOC. Now, I'm thinking about acquiring some private money so I can add-on to the single house making it larger, and flipping it so I can acquire more cash to invest in more units. The house right now is worth about $150,000 and new 3br/2ba homes in the area are selling in the $450k - $500k range. This would allow us to pay off a private lender and still have a good amount of cash that we can reinvest. Any advice is welcomed!

Thanks everyone for the information, I'm going to look into some of those options

I have a property that I own free and clear worth around 150,000 I have been told by the bank that I cannot take an equity loan on the property because I don't live there. Does anyone know how I can get money against it to buy more? I live in New Orleans