Posted by Daniel_Fl on May 03, 2006 at 15:43:04:
Thanks again to John & Ed on my earlier post regarding reverse mortgages.
I was in a hurry for info and posted as “New to the forum” …Silly me, I’ve
been reading these boards fot 4-5 years and thought I had to join something,
never realizing I could post at anytime.
Taking the plunge… I sold (closed) my 1st home this week. Been reading
RE books since 1985, investing since 1987 buy & hold, only 3 properties. I
have a C-corp from other business interest and want to set up a secured
working line of credit for re investment full time. Is the cash normally held
personally Cd,etc and pledged as in a pass book savings. If my plan is rehab,
Sandwich leases or maybe some small commercial which type entity would
the WLoC fall best under? I do have a CPA but would like some ideas bfore I
sit with them. Also I have read that the bank should be making money at a 3%
spread, have actually done the pass book approach at a 2.5% spread. Is there
a common spread to expect?
Thanks for any and all info…