All Forum Posts by: Brevin Weaver

@Albert L.

Thanks for the response! The market I am in is probably one of the cheapest out there. So I would be able to make that 25% down payment work towards another house. The problem is that I can't get a loan right now with my lack of history. The goal with the HELOC would be to pay another house in full. (Which would be possible if I could get the line of credit based on the value of the house house I own instead of the purchase price)

Hope this all makes sense... the real dilemma is trying to get financing options that someone with barely any credit history can get. My credit is really good it’s just the lack of history that’s the problem...

Hello Bigger Pockets! I am a very new investor looking at purchasing a few rental properties. At this point I have one rental property and am looking into also possibly doing some flips as well if an opportunity comes up. My one problem is I am almost 19 years old and I cant seem to figure out a way to get financing on these deals. I have very good credit but not enough history to even be considered. For my first house, my parents were nice enough to help me out and now I am paying them back. That's awesome, but obviously I cant keep doing that. 

The one option that I can think of is using a line of credit on my first house. The only problem with doing that is I have to wait a year (almost half a year from now) to get the appraisal based off of the actual value of the home now, not the purchase price when I bought it. I bought it for a very cheap price, and so getting a line of credit based off of the purchase price wouldn't even get me close to enough to buy another house...

Do any of you have any suggestions on where I should go from here? Thank you for taking the time to read this!