I can personally attest to how difficult it was for us to get our heloc from an investment property… called dozens and only one bank at the time would work with us… this is really exciting guys, no red tape and everyone’s expectations are made clear, thanks for presenting this to us!
David, you are going to give Steven Colbert a run for his money money with your preludes. You’re going in the style of the “meanwhile” prelude. Love it!
This video is just an ad with no helpful info. Disappointed as I’m a fan of bigger pockets. Gotta be more careful now that I know they do stuff like this
Maybe you guys could get granular on the difference between an interest only loan vs something amortized and how different payments over time would be to total money repaid.
Hi love the video by the way! Thanks for sharing that exciting news. I would like to purchase a duplex toward the end of this year. I currently live in a duplex that I own and would like to use a heloc to fund the downpayment for my next one. It will be owner occupied. Is that possible since it's not my "primary residence" anymore? Or should I get a heloc on my primary, wait a few months and then pull the trigger?
Can you use a HELOC from primary to purchase a duplex triplex quad all cash, then refinance the new property and pay back the HELOC? Is this advisable?
Yes, that's basically starting a BRRRR with a HELOC. More risky than starting it with cash, obviously, but less risky than holding onto a HELOC and servicing it for 30 years.
How freaking perfect! I have 45 units in the Phoenix Metro of Arizona. The majority of my buildings are 4plex's that i house hacked since starting in 2017 with approximately 3 million in equity, I was just researching how to access HELOC'S without replacing my low mortgage rates. And thank you for the reminder that if your accessing HELOC'S that it's best used for short-term needs that you can pay back
Listen to the video or go back and understand what a heloc is. Simply put, yes you can. Probably won’t be a lower rate cause it’s a heloc it’s “riskier” and lenders want a bigger return
I just sold my house in Fl trying to buy house in GA i really dont want to use all my cash to buy a home. Is tuere aby how i can use Florida income to buy home in GA? ( we wont have job when we go to GA will find job after we settle there in GA)
They've been doing a lot of "rich people plays" lately that end up being horrible advice for anyone brand new or early in their journey lately. I'm just about to watch it so I don't have an opinion of this advert yet. Because this is an advertisement masked as a new video.
Looks like it could be useful in some situations but I would not call it a piggy bank. Piggy bank is your money, you don't have to give it back and there are no big interest rates involved.
They do two grant deeds in residential lending to solve this problem. When you sign loan docs, escrow/title has a grant deed in front of you taking it out of the LLC and into your name, concurrently, their is another grant deed putting it back into the LLC. They get sent to the recorders office together. If you're looking for non-recourse, most resi lenders won't do that. They don't lend to LLC's very much. There are a lot of lenders that do what this video proposes but at much lower rates and almost no fees (2-4 units, not 5+ units).
This is just an ad
Yes, a good one though. Nice to know the product is available and how it works. Glad I listened.
This was a amazing video loved the tips and info
This whole channel is an ad.
@@5678seth boom, roasted!
I can personally attest to how difficult it was for us to get our heloc from an investment property… called dozens and only one bank at the time would work with us… this is really exciting guys, no red tape and everyone’s expectations are made clear, thanks for presenting this to us!
PenFed Credit Union did a HELOC on my investment property.
Do you mind sharing that bank?
@@chanceenterprises7816 they stopped doing HELOCs on investment property. Navy Federal does them still.
@@jorgesalazar818😊😊😊😊😊😊😊😊
I just want to confirm that since we’re able to now obtain these HELOCs on our investment properties that they can be obtained through our LLCs?
This is my question as well. He mentioned something showing on your credit report tho.
Signature Bank
Reached out. They don't service helocs to NY.😔
I called your company and was told you do loans only.
David, you are going to give Steven Colbert a run for his money money with your preludes. You’re going in the style of the “meanwhile” prelude. Love it!
On your credit report? Hopefully an investor can borrow against the LLC and not have the HELOC show up on the personal credit report.
I'm into real estate and your info on HELOCs was super helpful. Keep the great content coming!
Thanks for the info. Didn't know Helocs were offered on rentals properties.
Thank you. For the investment heloc, is it DTI based or assed based?
BP used to be a good source for investment ideas and help. Now it’s just advertising disguised as advice. Disappointing!
Nice, appreciate the HELOC product on duplex investment properties
Another GEM to the BP community! Thanks
The beard the mic hold my bro!!! Coming in powerful!!! 💪
This video is just an ad with no helpful info. Disappointed as I’m a fan of bigger pockets. Gotta be more careful now that I know they do stuff like this
This is wrong. You are not licensed in my state. So it did NOT get easier.
I'm here for the he-lp
Maybe you guys could get granular on the difference between an interest only loan vs something amortized and how different payments over time would be to total money repaid.
is the interest on this in property heloc simple or compound?
Great info!! Thanks David!!!
Hi love the video by the way! Thanks for sharing that exciting news. I would like to purchase a duplex toward the end of this year. I currently live in a duplex that I own and would like to use a heloc to fund the downpayment for my next one. It will be owner occupied. Is that possible since it's not my "primary residence" anymore? Or should I get a heloc on my primary, wait a few months and then pull the trigger?
Can you use a HELOC from primary to purchase a duplex triplex quad all cash, then refinance the new property and pay back the HELOC? Is this advisable?
Yes, that's basically starting a BRRRR with a HELOC. More risky than starting it with cash, obviously, but less risky than holding onto a HELOC and servicing it for 30 years.
Have to hold property for 1 year b4 doing cash out refi
Great info
I have seen bank making statements that they are NOT doing any HELOC for now
So use a different lender.
Just got ahold of them today and they said they only do single family one unit that is Debt to income-based.
So basically all BS.
Interest rates up so high. No more profit.
This concept is nothing new to me. Investors have been doing this all my life.
Thanks for the information!
Would it be less intrusive to get a heloc than a refi ?
Where do I go to get more info. Is there a website?
What about for down payment for investment property
Following
How freaking perfect!
I have 45 units in the Phoenix Metro of Arizona.
The majority of my buildings are 4plex's that i house hacked since starting in 2017 with approximately 3 million in equity,
I was just researching how to access HELOC'S without replacing my low mortgage rates.
And thank you for the reminder that if your accessing HELOC'S that it's best used for short-term needs that you can pay back
I really far from acquiring this product. But really good explanatory video
Good information
This is great news!
David is He-Man
What is the minimum value of the property that you will loan on? That is always my issue. I have a lot of equity, but in lower value properties
Your local CU can't help you?
Same here. Baltimore-based investor.
Awesome!
Can you do this Heloc in San Juan , Puerto Rico
What if your mortgage is paid off and just wanna pull a line out. Would it be a lower rate?
Listen to the video or go back and understand what a heloc is. Simply put, yes you can. Probably won’t be a lower rate cause it’s a heloc it’s “riskier” and lenders want a bigger return
@@deandremason2457 Amen!
I just sold my house in Fl trying to buy house in GA i really dont want to use all my cash to buy a home. Is tuere aby how i can use Florida income to buy home in GA? ( we wont have job when we go to GA will find job after we settle there in GA)
Would a non-owners occupied rental duplex under an FHA apply for a HELOC?
That’s interesting I’d like to know too
Yes!
@@christianbachelder8608 hey can you explain more on that?
Call a lender
3rd mortgage on a property with a 2nd mortgage/FTHB grant w/residency term?
Hi David Green, Getting a HELOC even in a fully paid off home is very very hard. Banks refuse most times unless u hv this huge w2 income
😂 How long did you practice that intro????
15% interest?! Might as well just use your credit card!
My HELOC is 10.25%
12 - 14%....
He-Lmao😂
Available in Texas?
Interested to know this too since TX doesnt allow it unless in investment property is paid off
Let's call it a RELOC
In my opinion this should be the last resort for an investor or a person who owns a home. Shame on you big pockets this is very risky move.
They've been doing a lot of "rich people plays" lately that end up being horrible advice for anyone brand new or early in their journey lately. I'm just about to watch it so I don't have an opinion of this advert yet. Because this is an advertisement masked as a new video.
Looks like it could be useful in some situations but I would not call it a piggy bank. Piggy bank is your money, you don't have to give it back and there are no big interest rates involved.
Can I get a heloc if my properties are under LLC’s?
They do two grant deeds in residential lending to solve this problem. When you sign loan docs, escrow/title has a grant deed in front of you taking it out of the LLC and into your name, concurrently, their is another grant deed putting it back into the LLC. They get sent to the recorders office together. If you're looking for non-recourse, most resi lenders won't do that. They don't lend to LLC's very much. There are a lot of lenders that do what this video proposes but at much lower rates and almost no fees (2-4 units, not 5+ units).
@@robwithrbk in Florida where I have property, there are transfer taxes coming and going. So this would be a very expensive way to do the lending.
Too he-much
No one wants to work with you. It's either low score. There is not enough equity yet... etc.
👍😊
Let’s hehe 🔥🔥😂😂
punny....
Hi 5
This bullshit
Great info