All Forum Posts by: Aileen Sanchez

Hey all,

Does anyone have any personal experience with First Savings Bank and their 1st lien HELOC? I had a call with a loan officer yesterday and I am very intrigued, but haven't heard much in recent discussions for this product or found anything in the search bar for this bank. Has anyone used them or any other lender for a 1st lien HELOC? Care to share? Thanks :)

Following this thread as I live in VA and am interested in getting started in Baltimore as well. I won't be househacking but am having a difficult time getting started pinpointing a property/neighborhood. I have spent countless hours on research and have driven through neighborhoods a few times, but still dont know where to invest lol. Any realtors here who would take me under their wing? :) Hope you find what you're looking for, @Richmond Williams  would love to hear what you decide on.

@Ozzy Sirimsi thanks for your input. I know some sellers will only accept cash offers but what other deals would you think it’s better to go in with cash? Or do you try not to at all and just keep for rehab and reserves?

@Greg Scott thanks for the response! I have been preapproved and will certainly be making sure the ARV is accurate and worth it.

I agree with your reasoning for borrowing from my 401k, I know so many people are against it so I like to hear both sides of the argument. I understand I may earn "more" if I leave it in there, but losing is always a possibility too. I also understand the double tax, but To me it makes more sense than paying high interest to a HML, unless I'm missing something...

Hey All!

Love this forum and all the great info I've been able to soak in as I embark on my REI journey! I am getting ready to purchase my first Investment Property following the BRRR strategy and am trying to decide which financing structure is best or makes the most sense? I will be purchasing in Baltimore and I have been told my other investors/realtors that cash is really the best way to go as properties are being picked up quickly. I am looking to purchase and rehab for under $100k all in, no particular property chosen yet but due diligence will be done of course to make sure it's a lucrative deal. I have a credit score over 800 and a low 6 figure income with no debt other than my current mortgage and car note combined under $2k a month. I know it's not smart to dump all my eggs in one basket so what do you think is the best combo to go with here? Here is what I'm working with...

1. Savings- About $30k (I have more savings coming out of CDs in the next couple months, but that will be my emergency fund)
2. HELOC on my primary home- $36k
3. 401k- Can borrow up to $40k and pay back over 5 yrs
4. Personal Loans- xx amount?? 
5. New credit card with 0% intro rate for 20 months and maybe using some Venmo, PP transactions to get cash 
6. Last but not least Hard Money 

What would you do?? Welcoming all advice, Thanks!  :)