All Forum Posts by: Ivory Hayes

I wonder why you would create more debt for yourself..? Just use the heloc ad your new checking acct. Sit all your income in there and pay bills out of it as needed. If you have us bank then you probably have a card to swipe and checks. If you don't then you can acquire both but the thing that makes more sense to me is simply to pay down the line of credit extremely fast by utilizing it as your new checking account.

For Example, if you have a payment of around 750 on the heloc, but you got paid 4000, just deposit the 4000 in to the heloc as a payment. 750 will be used toward your interest payment and 3250 will be used to pay down your principal on the heloc. (You have to tell us bank that you want the 3250 to go towards principal though, for some reason they tend to not automatically put it there. Don't ask me how or why that happens 😏). Then let the money sit in there everyday until you need to pay whatever bills you pay from that money. You can pay it by card or check directly from the heloc. Everyday that money sits in that heloc account it drives down the interest accumulated on the remaining balance, since the balance is smaller than what it was prior to the deposit made. Your interest on that heloc is accumulated on a daily basis not monthly, so at the end of the month when the next bill is generated you end up paying less of a payment because your balance is less (from sitting the extra funds in the account) and the interest owed on that lower balance for the next month will be less. You'll have a depreciating monthly bill every single month utilizing this method. Plus, the money is still there for you to utilize again if you need it. It's not like a loan where once you make your payment your can't have access to that money again. It doesn't sound like you need the money right this minute anyway, it's for future investment use right..? So you'll just be paying down interest, cutting your balance significantly each month and you also have access to the money again with it being a revolving account.

Anyway, I hope that made sense. If you'd like to speak more about it send me a pm and we'll exchange numbers.

Happy Investing...

Well said Michael...

Jackie, I'm currently going through this situation with my LLC. I may or may not be able to add some value to your situation. PM me if you'd like.

Happy Investing...

I'm not too familiar with those areas. I invest in different cities and states but I know that's where Juan Pablo resides and thought that getting in touch with him might help. Just trying to add value wherever I can...

Happy Investing...

In Georgia seek out Juan Pablo. He's an investor/broker. He's got a website called 100percentfinanced.com. He may be able to assist you in Georgia.

Check with us bank. They may have what you are looking for.

Happy Investing...

One quick and easy way to boost you scores is to decrease you debt to usage by increasing the limits on your credit cards. Just call and ask for a limit increase and that reduces the the percentage of debt that you have on that card. You don't come out of pocket at all on this quick and easy method.

If you're looking to make a move in the near future with your credit though, I would ask wash credit card company, before receiving the increase, if they require a hard or soft pull. Obviously a hard pull will place an inquiry on your report which is counter productive if you plan on making a financial move based on credit in the near future. Many company's provide increases without doing a hard pull though, just fyi.

Happy Investing...

Now that you have achieved the goal of paying down debt you can leverage your good credit to obtain either personal lines of credit or if you have equity in your personal home you may leverage that as down payment money on a acquisition loan or use that to purchase low costing investment property, depending on what market(s) you are looking to invest in.

I've personally was in your same position and used personal loans to outright buy investment properties in various markets and I wish I would have known about lines of credit prior to getting involved with loans. Long story short, I paid off the loans with the lines of credit, which I continue to utilize over and over again for the same purposes I've spelled out for you.

There are other methods and if you'd like to message me feel more than free to do so!

Happy Investing...

I currently utilize a heloc to invest and it's been great. I did a lot of r&d prior to making the decision. Before using my heloc I used credit cards and loans. Let me tell you, what I know now with the heloc, I will never go back.

One safe way to make sure you're on point with paying back the funds from the heloc is to utilize it as your new checking account. The monies coming in from the investment (unless purchasing as a business) as well as you and your wife's regular day job paycheck can be deposited into the heloc acct (like you deposit money into a checking acct) and it counts as your payments for your monthly interest only heloc fee. You simply leave your money in that acct (reducing daily accumulated interest & the monthly balance) and pay bills directly from your heloc acct until the balance is paid back in full. Or, you have the funds readily accessible to once again make another investment.

It might sound weird now because I'm not the best teacher, lol. I'm also not advocating making any system purchase (because they all try to sell you something) but go learn about how to properly utilize a heloc on youtube by looking up the P.I.L.L method and also do a youtube search on replace your mortgage. Both methods advocate for using your heloc for paying off your first mortgage (which is even better for short term goals) but you can utilize the method to take the funds and distribute them however you like (i.e. long term goals through real estate investing). It's not only paying it back that's so important, but how you pay it back can make all the difference! Prayerfully this helps.

Happy Investing...

Some financial institutions allow commercial or blanket products that allow you to place more than one property inside of a loan. I would check with your smaller, local financial institutions first and if you can't get what you need there, US Bank has various products that they offer, and this could be one of them.

Happy Investing...

These methods show you how to pay your first mortgage off using your heloc, which is the first piece of the puzzle, but the second part of this information is handy in understanding how to properly utilize a heloc for just about anything in life. Especially using your heloc to invest in assets that will provide returns, which can assist with paying down the heloc even more expeditiously.

All I'm saying is, it's working for me. Happy Investing...