HELOC Via Credit Union

[Richard Boughton]

Good Morning, My name is Rich Boughton and I live in Wilmington, NC and am new to real estate investing and have not yet done a deal. In preparation for financing, I have started speaking with banks. My strategy is to obtain a home equity line of credit and use that to fund my investing. However, the banks I've spoken with all indicate that they will only lend out 80% which will not afford me much. Therefore, my next plan of attack is to start speaking with credit unions, which leads to a few questions: 1. Will credit unions offer a HELOC or will they offer a line of credit? Looking for something in the $40-$50K range, if possible. Not looking to use all of it at once, however, would like to be liquid as possible and only pay back what I use instead of completely refinancing my first mortgage on my house which all of the banks I've spoken to are trying to get me to do. 2. I have not put an offer in yet, however, I want to show anyone that I meet with regarding a potential loan to know that I am not just jumping in blindly, yet will proceed in an educated manner when the right deal becomes available. I would like to create a report in the BRRRR calculator to show them that I am serious. However, as I am trying to get the line of credit prior to having the deal, would anyone recommend me creating a few reports to show the loan officer why a few properties in my area are or are not a good deal and have those reports available for my first meeting? Any help would be appreciated. Thank You, Rich