Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Chris DeMello

Chris DeMello has started 5 posts and replied 55 times.

Post: Ways to improve credit

Chris DeMelloPosted
  • Investor
  • Las Vegas
  • Posts 59
  • Votes 22

There are so many ways to increase you score. One easy way is called piggy backing. If anyone you know (family, friend, girlfriend) has good credit that has credit cards, they can easily add you on as an authorized user without even giving you a card so you can reap the benefits of their good credit to boost yours. we do this for our kids to start them out on the right track. Another easy way is to get a secured CC. Put any amount down and they'll match it with a CC.   

Post: Best HELOC for orimary residence

Chris DeMelloPosted
  • Investor
  • Las Vegas
  • Posts 59
  • Votes 22

Third federal has the lowest HELOC rates. TF Savings & Loans

Are you looking to get a 1st or 2nd position HELOC ?  

Post: Financial Education Recommendations

Chris DeMelloPosted
  • Investor
  • Las Vegas
  • Posts 59
  • Votes 22

Hey Kwadwo, 

I have the best financial education you can get! 100% .  checkout my profile.

101financial 5 min video

PM me if you'd like to know more

Aloha, Chris

Post: Using a line of credit for a down payment

Chris DeMelloPosted
  • Investor
  • Las Vegas
  • Posts 59
  • Votes 22

unsecured debt refers to any type of debt  that is not protected by a guarantor, or collateralized by a lien on specific assets of the borrower. 

You could use a PLOC for a down payment, but If you go to a lender to get pre-qualified, and they ask where you're getting your down payment from and you say i'm taking it from my LOC, pretty sure thats not gonna fly. Gotta get creative and move the money around. I'd take the money out of the line and stick in savings a month or so before going to get qualified. That line will show as debt now, but you'll have the cash for a down. Or since you're already close to having enough down for an FHA loan maybe see to get qualified with your currant debt. FYI.. for every $400 worth of debt payments you have, you lose $100k in buying power.

Post: What do you use Lines of Credit for?

Chris DeMelloPosted
  • Investor
  • Las Vegas
  • Posts 59
  • Votes 22

Leverage! PLOC's are great. We've been using this tool along with HELOC's for years. We use it in a different way than most people, but it's very beneficial. LOC's are simple interest, so you only get charged on what you use. PM me if you want to know more about using different strategies with these lines.

Post: Advice Needed - Purchasing Parents Home

Chris DeMelloPosted
  • Investor
  • Las Vegas
  • Posts 59
  • Votes 22

@Ketra King so your dad has a 2nd position HELOC. Another option is to look into a 1st position HELOC. If the average value of the property is $115k you can get a min 70% LTV of $80,500. You'd absorb the 2nd HELOC & Mortgage in the new HELOC leaving a $60k balance. You would also have $20k available to invest if need, and your interest only monthly payment would be about $250 at a 5% interest rate, which is average for HELOC's in the mainland.

Message me if you'd like to know more, and how we run our HELOC's on our properties.

Post: Can you use a 0% interest credit card to pay down mortgage?

Chris DeMelloPosted
  • Investor
  • Las Vegas
  • Posts 59
  • Votes 22

@Deadrick Colbert you ever looked into a 1st position HELOC to pay down your mortgage quicker?

 If you're talking about paying off the whole mortgage balance with the credit card then that could be a great idea. Is that the case? 

Post: Reset student loans on a personal loan

Chris DeMelloPosted
  • Investor
  • Las Vegas
  • Posts 59
  • Votes 22

Hey Matthew, are you okay paying about $300 mo in interest on that loan? If you can't refi out of it, thats gonna be very expensive. Whats your outcome? Build back your credit? Don't know your whole financial picture, but, I know lots of better options depending on what exactly  your goal is. 

Post: Best place to park cash

Chris DeMelloPosted
  • Investor
  • Las Vegas
  • Posts 59
  • Votes 22

The best place to park cash is in a debt checking account!  

Post: Why we utilize a "debt checking" account & why you should too!!

Chris DeMelloPosted
  • Investor
  • Las Vegas
  • Posts 59
  • Votes 22

We've been banking the same way for hundreds of years. Putting our money in our checking & savings account just like our grandparents did, and their grandparents did.. Not that there's anything wrong with this, BUT, what if there is a better more EFFICIENT way to bank so you could accelerate towards your debt or your savings at a rapid pace?? Wouldn't you want to get to your goals quicker? As consumers, we're all fighting the two biggest obstacles—TIME & INTEREST! Neither can be eliminated, but you do have a say in how much of each you are willing to give up.

It all comes down to one word…LEVERAGE! Just like in real estate, using debt to create wealth is one of the best ways to obtain financial freedom. 101 Financial is a financial education company that teaches innovative banking strategies that puts you in control. How 101 Financial can help you!?

My wife 'Ihilani is a rockstar master instructor with 101 Financial. I'm her "Robin" and assist her. We've helped 100's of people all over the country implement these strategies. We are very open, honest, passionate and straight-forward!

This post is to get the information out there so you can make an educated decision to see if 101 Financial is right for you. I encourage you to research the company and ask us the tough questions.

We know this is a very powerful tool and 101 Financial can help anyone in any situation!

🌐: https://linktr.ee/ihilani.demello_101

📅: calendly.com/idemello

"When you know better, you do better"