http://thresholdstl.com/apartments/single-family-investment-properties Taking the St. Louis foreclosure, rehab, rental and multifamily real estate investor to the next level Sat, 13 Mar 2010 17:02:56 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://thresholdstl.com/apartments/single-family-investment-properties/comment-page-1#comment-4548 Dina Thu, 24 Jul 2008 19:48:06 +0000 http://stlinvestmentrealty.com/?p=439#comment-4548 Hi! I've been reading your blog off and on for a few months now ( we've gotten into purchasing single family homes in our area--just as you've described in this blog entry). But we've hit a snag and were wondering if you or any of your other readers have any suggestions. Our first rental purchase was done with our HELOC. After we did all of the necessary repairs to get it to pass occupancy inspections we went to the bank and applied to refinance to include the purchase price and the price of the necessary repairs(thus freeing up the HELOC). We attempted to go with a straight forward mortgage for our second property but we hit too many snags so we decided to use the HELOC process again. Apparently, while we were filling out the paperwork , the bank decided to change policy on us and now we have to own the rental property for 6 months before we can refinace. We called another bank and they will only let us refinance for a percentage of the purchase price! Luckily , this is not going to break us but it SERIOUSLY cuts into our monthly profits due to the fact that the HELOC payments are significantly higher than a mortgage payment. Any advice on a bank to go with??? Hi! I’ve been reading your blog off and on for a few months now ( we’ve gotten into purchasing single family homes in our area–just as you’ve described in this blog entry). But we’ve hit a snag and were wondering if you or any of your other readers have any suggestions.
Our first rental purchase was done with our HELOC. After we did all of the necessary repairs to get it to pass occupancy inspections we went to the bank and applied to refinance to include the purchase price and the price of the necessary repairs(thus freeing up the HELOC). We attempted to go with a straight forward mortgage for our second property but we hit too many snags so we decided to use the HELOC process again. Apparently, while we were filling out the paperwork , the bank decided to change policy on us and now we have to own the rental property for 6 months before we can refinace. We called another bank and they will only let us refinance for a percentage of the purchase price! Luckily , this is not going to break us but it SERIOUSLY cuts into our monthly profits due to the fact that the HELOC payments are significantly higher than a mortgage payment. Any advice on a bank to go with???

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