All Forum Posts by: Daniel Somers

A HELOC is basically a 2nd mortgage on the house. And to qualify you will need to have equity in the home. Depending on the bank you use, most banks will loan up to 75% LTV of the house. But like in Derrick's example he has a bank that will do up to 95%.

Have you tried applying yet? Worst they can tell you is no. Then ask them what they need for you to qualify. Check with different banks in your area. 

I have used HELOC in the past to purchase rentals with. It is a great way to access cash that is tied up in your current home. Just read the terms as far as how long it is open for as far as paying back the loan, and have a backup plan if you are not able to refi right away. I always make sure it cash flows so if you cannot refi right away you can start paying back the loan with the cash flow until you are able to.

You would have to speak with your lender about getting approved for multiple properties. Let them know what your plans are, and they will be able to tell you what you need to do to be able to buy back to back properties. So talk with your lender. 

Check out AJ Osborn's stuff for that. He has a YouTube channel and has been on BiggerPockets Podcast. 

Each situation is different, but house hacking is a great way to start and gain experience as well. Your first property doesn't have to be a home run. My first property was a single family house that I house hacked and had friends renting off me. I gave them cheap rent and basically came out even for the month, but it covered the cost of the mortgage. So even something like that I was able to save a lot quicker because I had no more rent or mortgage payment because it was covered. So I would probably focus on getting enough funds for your first property, then if you house hack it like your original plan, you can save a little more each month and build more capital from there. Hope this helps!

Unfortunately, the answer to your question would be to call as many local banks as you can and ask around. Very time consuming yes, but once you find a good local bank you can work with, you can go to them in the future right away once you find another deal.  

Depends on your goals. What are you trying to achieve? I would first find out what you what, then you can narrow it down to different podcasts and articles based on those goals. The rookie podcast on BiggerPockets is always a good place to start. But first I would figure out what you want, whether it be flipping, wholesaling, or buy and hold, then find info based on that. 

I deal with all different age ranges personally. My youngest renter is a college student, but my oldest is in his 60's. 

@Troy Bullock I use Janet Herzog from Remax as my realtor. She has always done an amazing job for me and has got me a few deals based off her hustle alone. She was able to find a foreclosure house that I used to house hack, then she found my 2 other properties for me. Then she found an off market deal who she had a connection with, and I was able to close on that one before it was listed on the MLS. Highly recommend her.