All Forum Posts by: Frank Kolwe

So my wife and I have a significant amount of equity in our home. I am interested in using the equity via a HELOC to purchase my first rental property. I am curious as to how this process works and am looking for someone to explain in a fair amount of detail.

1. If I go get a HELOC for say $100k. I realize that as soon as I make a draw I have to start paying the interest. So let's say I draw the full $100k and take it to go buy a property. Once I get the property and rehab it/rent it out, how do I put a mortgage on that rental property and get out of/pay off the HELOC on my primary residence? I rather have only 1 mortgage on my primary residence, so my goal would be to get the HELOC on the primary cleared as soon as possible.

Is there a way that HELOCs are rolled into Mortgages?  Just looking for some explanation.  Thanks in advance!

Did any of you who reported using R2R also go with the Nevada Corporate Headquarters to set up an LLC? I am interested in using R2R, but questioning whether I need to move forward with NCH or not. NCH got my contact info from R2R after my first discussions with R2R, curious if anyone else went forward with both companies or just R2R. Thanks