Bigger Pockets has opened my mind to lots of alternatives...

[Kent Verge]

In the last few weeks I have listened to hours of BP podcasts and read hundreds of forum and blog posts. I realized today that all of the new ideas -- some that I can use and some that I can't or won't -- have opened up my mind to possibilities that I didn't see before. 

Here's an example: I put an offer on a SFR in Florida about two weeks ago. I planned to put 20% cash down and finance the rest. It also needs some rehab, and I wasn't 100% certain how I was going to handle it (probably using more cash which would have more than doubled the down payment, or do a cash-out refinance against some other property -- not something I really considered).

Here are the ideas I have had since; any would work for this deal, though some are better than others:

• Use crowd-funding for the repairs
• Find a rehab loan to include purchase price and rehab
• Ask seller to carry a 2nd to cover the rehab
• Ask seller to finance entire sale and use cash for rehab
• Use HELOC to make a cash offer and for the repairs
• Find a partner in Florida who has cash but no credit; split DP and rehab costs appropriately
• Use hard money for purchase/rehab

The HELOC actually makes the most sense. I also found some great HELOC offers (i.e., See Navy Federal's HELOC for primary residences -- 95% LTV!)

Over the last two days I have been chatting with a new member who wants to buy a triplex or quadplex. While helping him out, I found a 14-unit multi that that I could also swing with HELOC. It's something I never would have even considered prior to BP.

Anyway, huge thanks to @Joshua Dorkin for the creating such a community of sharing.