All Forum Posts by: David Leander

Looking to fund our first BRRRR deal. Talking to several banks about HELOCS. At this point, we're in serious talks with only one true local bank. The rest are bigger. All other banks are running the numbers, telling me what the computer spits out, and that's it. This local bank is different, to say the least. He can't give me a HELOC for a rental property, even though he knows its for a rental property. So we can't mention that anymore, but we do. Lots of winks and nods, but so far all in my favor. He tells me I can get a HELOC i probably shouldn't get if we move all of our accounts to their bank. We have an S Corp unrelated to real estate and it makes a lot of money. He knows that. He also says that if we move our accounts to his bank, he'll waive all fees to unlock that HELOC for which we shouldn't qualify.

He also loves the idea of me bringing him refi after refi using the HELOC i shouldn't have to buy real estate I shouldn't buy.

Wants me to drive two hours to his bank next week. "Maybe" if i do that and "maybe" if i move my accounts to his bank, that HELOC "might" be approved same day.

We can easily afford his HELOC, but it's several times what the others are offering.

So.  Is this the local bank difference i hear so much about?   Or is this a giant red flag?  Feels too good to be true.  

Thanks, Loraine.  Your guy Zach Mason, in fact, did a great job explaining.  We're about halfway through identifying all options.  At this point, it's looking likely that Hometap will be part of the solution to get us started.

Great info, thanks.  I'm out of your area, but much appreciated.  

Similar to Unison, if you're familiar.  Residential equity investors.  

Is it possible to qualify for a HELOC after securing cash from an equity sharing investor like HomeTap? If possible, is it advisable? Looking to identify all funding avenues & combinations for BRRRR #1. Thanks!

Thank you, everyone, for sharing your knowledge. I am brand new to this but obsessively researching daily. At this early stage, BRRRR stands out as the most attractive strategy and Grand Rapids MN the most attractive market. Would love to hear your opinion on that plan for that tiny market, if you have experience. The method and market seem to check all the boxes for our situation.