All Forum Posts by: Aaron Beauchamp

@Erin Elam I just want to start off by saying I don't want to make any decisions for you or tell you what to do in anyway. But for this posted I stated what I would do in if I was in their place. With that being said, a HELOC is a line of credit which means that it's not debt or a loan until you use it and create debt. A HELOC together with liquid cash and a 401K will qualify you for a Hard Money loan. You don't have to use the HELOC or the 401K for them to help qualify you for the Hard Money. Everything in real estate is all about the numbers, but I help people do these types of loans all the time so these deals are out there waiting for you to find them.

@Carlos Joel Garcia Hard Money is for leveraging people's money not necessarily speed. Lenders can typically close in less than 10 business days, but there is so much that can slow down the process. More risks equal more time the underwriter can take looking over the file. He may also be searching through his banks and investors for the best method to fund the deal.  

@Austin Timothy van meadows You can qualify for a Hard Money loan to fund a flip. $30,000 in the bank is plenty enough reserves for a lender to give you a pre-qualification to purchase and rehab a property. Hope this helps Semper Fi Brother.

@Jeff Laing I would put the 401K back save a bit of cash. Get the HELOC and in 6 months use the potential of the 401K and HELOC along with the liquid cash to qualify for a Hard Money loan to rehab the property, then refinance from the hard money into a investment loan

@Paul Barnwell Welcome to Bigger Pockets. We are here to help! 

@Greg Junge Yes, I have experience with these kinds of deals and we don't rewrite anything . We make a single loan that includes the whole amount owed on the other loans. Blanket deals don't have the greatest terms, but they can be done. 20yr am-5yr note

@Andre Wilson The Houston market is a very competitive and thriving market. Rentals are good here for around the $200k mark, and medium to high end flips make the most money. You have to be ready to move or someone will snatch up your deal before you can blink. Try getting in with an agent and looking for off market deals. 

@Myra Mallet Welcome to the Bigger Pockets forums! If you need anything do not hesitate to ask! Congrats on the new construction!

@Ben Boss The properties will be on you to find. Hard Money Lenders wont find anything for you, but they usually know a decent wholesaler that may have a few good deals. To use hard money though you will need money. Hard money is used to leverage the money you already have to better work for you.  

@Kevin Wood Yes, if you need anything give me a message.