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All Forum Posts by: Eric Killian

Eric Killian has started 4 posts and replied 6 times.

Quote from @David M.:

@Eric Killian

Yup, that's the idea..  You use the equity in your personal property like a "bank" via the hloc.  You draw on the hloc credit line to obtain cash to purchase a property.  If you are doing a brrr method and it works out "perfect," your refinance will let you pay off the hloc.  Now you are read to "repeat."

Just remember that even if you buy a property in cash, the Title needs to "season" for 6 months before you can get a conforming loan on the property.

As mentioned, run your numbers to make sure you achieve what you want.  Honestly, slightly negative cash flow isn't the end of the world...  But, it all depends on your investment strategy and goals.


Can you use HELOC for down payment and then use rental income to pay that back to avoid variable interest? Also assuming I can buy a property at some type of discount to have a favorable LTV.

Great, thanks. Will have to look at the numbers very closely to make sure it will still cash flow nicely. 

Trying to learn more about the HELOC strategy but might be missing something. Say I use a HELOC on primary residence to purchase a rental investment property all in cash so the equity is 100% in the investment property. I then say later I do a cash out refi to take cash out to pay off HELOC and then get a mortgage on the property. Is this possible or am I thinking about it wrong? Am I missing something? Or is it that easy? Thanks, Eric

Post: HELOCs to invest in real estate

Eric KillianPosted
  • Investor
  • Virginia
  • Posts 7
  • Votes 0

Are HELOCs are good idea to get into investing in long term rentals - using it for down payment and closing costs? Using cash flow then to pay it off for down payment. One way to tap into equity of home that is not being used. 

Post: Lender Recommendations for Investor

Eric KillianPosted
  • Investor
  • Virginia
  • Posts 7
  • Votes 0

Can anyone recommend a lender that works with first time investors? Would like to develop a relationship with them which can benefit both parties. 

Post: Financing First Deal

Eric KillianPosted
  • Investor
  • Virginia
  • Posts 7
  • Votes 0

I am a new investor looking to purchase long term rentals. I am looking the best way to finance the deal. Are there any loan products that require less than 20% down or is that the minimum? Should I just focus on getting/saving up enough for 20% down or learn more about other strategies to get into the game faster? Any lenders that you would recommend/people I should start talking to?