All Forum Posts by: Haley Brodecki

My primary residence is a condo where there are only 5 units and we all make up our HOA. I was working through the HELOC process since we have quite a lot of equity when I suddenly got denied because 1 of the 5 units is owned by someone who lives overseas and rents out his unit. The bank said they require 90% owner occupancy and since our HOA is only 5 units, we only have 80% of units occupied by owner.
does anyone have any suggestions on any banks or credit unions where this may not be an issue?

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Los Angeles County, California

Quote from @John Morgan:

I've bought 5 houses by using 401k loans as down-payments. I've bought some houses with 0% interest for a year credit cards and a few with consumer lines of credit from banks. I use all the rental cash flow to pay these loans off asap, then repeat. I've also used a HELOC to buy a couple houses. And don't forget about tapping into equity if you have any. I bought 14 houses basically for free by harvesting the equity in my houses by doing 5 cash out refis. I use that cash to scale up and buy more cash flowing houses with zero $ out of pocket. That's how I've grown my portfolio of SFR without using hardly any of my own money.

Hi John,

this is great to hear. I'm new to all of this and looking at 401k loans and HELOC as options. Were you investing with a vacation loan / 10% down? I'm curious what markets you've invested in if you don't mind sharing. Thanks!

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All Forum Posts by: Haley Brodecki

Haley Brodecki has started 1 posts and replied 2 times.

Post: HELOC on condo

Post: Where Do You Find the Funds for the Down Payment?