What do you use Lines of Credit for?

[William S.]

What is the purpose of a secured/unsecured LOC? What do you use one for? Can you provide an example? Thanks!

[Jake S.]

@William S. I use LOC's to buy properties in cash and to later refinance into a traditional mortgage with

I went and made a list of 10 local banks and credit unions (not big name banks), sat and spoke with them and let them know my needs and what their LOC terms were against rentals.

After speaking with 10+ banks and credit unions locally, I found 2 credit unions that gave stellar terms and were more than willing to provide a large LOC against my rentals.

I am now using LOC's for capital for my Apartment Building Investing, to go in and make capital repairs to improve the property, and then refinance when I can. It makes both me and my investors a great return