All Forum Posts by: Anthony Lee

Thanks Frank for the good HELOC tips. I'll keep pushing through. I figured the worst the bank can do is say, "No!"

I never thought about using my parents bank accounts. I also have the bank of mom and dad to fall back on, and, since they've been in real estate rental investment & managing properties for years, they have some capital that can assist me. Though they are excited that I'm trying to walk a similar path they've taken.........I'm first trying to get this going on my own. After I get a few investments and experience under my belt, maybe a partnership with them is in the future.

In the meantime, I'll keep calling banks until someone says yes.

My name is Anthony and after watching hours on hours of Bigger Pockets on youtube, I am now here in the forums. I'm here to learn more about real estate investing, so, bear with me.

Although, I'm very new to real estate investment.........I'm not new to real estate rental property management, because, I've helped my parents manage their tenants and rental units as a kid, teenager, and young adult. This experience drove me away from any interest in real estate investment, but, I'm starting to find out it may run in my blood. Lately, I just cant seem to break away from listening to real estate investment podcast and youtube videos. This experience did teach me a lesson that I don't want to deal with tenants, or, at least after listening to Bigger Pockets...........purchase properties and properly screen tenants ahead of time.

Anyhow................Hi Everyone!

After talking to 3 different big banks who said "No due to seasoning requirements," I finally got my credit union to refinance with no cash out on the home my parents deeded over to me 3 weeks ago. The refinance closed today and we simply just paid off my parents existing loan and closing cost. I also asked the credit union about getting a HELOC and they said I had to wait 12 months due to seasoning issues. The house appraised at $360K and I owe $210K. Id like to tap into this equity to help fund my search for my first fixer upper single or multi family unit. Do I wait the 12 months or should I just call every bank I can find? Regardless, I'm probably going to try at least the 3 local banks in town before finding other funding options.

On a side note, why do banks have to "season?" If they know I have a great credit score, great income, and equity in the home, why "season?"