All Forum Posts by: Ivory Hayes

Attend local real estate investments groups or clubs in your area or within driving distance. Usually there's a variety of individuals who attend in various spaces of the business.

Happy Investing...

If you do decide to utilize the heloc, check out the P.I.L.L. method as far as how to pay it off in less than 10 years. Understanding how to properly utilize this method has been a game changer for me.

Happy Investing...

If you're looking at a heloc you certainly want to know how to effectively use one. Check out the P.I.L.L. method on youtube. You can also find a guy named Michael Lush on youtube and he calls the method, "replacing your mortgage".  For me, a heloc works best for the type of investing I'm involved in. Different methods are right or wrong for different people, for different reasons. Understanding this repayment method when dealing with heloc's has been a game changer for me!

Prayerfully this assists you throughout your journey.

Happy Investing...

Aquila, go to you tube and check out the P.I.L.L. method. That's the best way to utilize a heloc if indeed you choose to do so. Also on you tube Michael Lush calls it replacing your mortgage. Prayerfully this helps and gives you deeper insight in to how to utilize any line of credit so that your money works harder for you and not the other way around.

Happy Investing...

The question I ask myself is why wouldn't I...

Reducing debt, increasing net profits and through a line of credit, the more you pay back the more you have to use again. By using a heloc as my new checking account it allows me to pay off the debt completely without having to pay 2 times the amount borrowed in the forum of interest. Plus the money is at your fingertips whenever you need it without having to pay high closing costs to refinance and having to go through the hassle and paperwork of applying for a refi every time you need cash.

For me and my direction of investing, a line of credit works better than a loan. Nothing against loans because I've had both, lines of credit and loans. I simply prefer a line of credit.

I second Dave Saveri's post. He's spot on. A portfolio lender may be willing to either do each individually or send the transaction to their commercial department to perform a commercial/blanket loan to cover all 3 properties under one loan.

Or check out imortgage and see what programs they have to offer in regards to the low costing properties.

Happy Investing...

I would offer the suggestion of doing a heloc instead to take the money out and pay off the rental. The interest rate may be higher 2.65% arm but with a suggestion on how you pay that heloc you could have it completely paid off in 5 years or less using the P.I.L.L method. If you haven't heard if it, check it out on YouTube. Michael Lush also calls it replacing your mortgage.

It may not be the right formula for everyone but it's definitely worth looking in to before making a decision.

Happy Investing...

P.S.- The method is working for me!

Hey Brandon,

You should first search and seek out local financial institutions in NC that will lend to out of state investors.

Also, you may want to try imortgage. I'm not 100% sure if they are able to help in NC but it's worth a try. It's only a phone call right... They were able to assist me with my out of state refi situation.

Happy Investing...

Try imortgage. They were able to help me out with a sub 75k cash out refi. I didn't go through with it simply because I found that for me a line of credit served better.

Look in to taking the line of credit route. Hopefully one of these helps you.

Happy Investing...

I believe it's the residual cash flow that banks look at. The paperwork they have you fill out shows the free cash on a monthly basis.

But if I'm incorrect I'm sure the comments from individuals on here in the banking arena will correct my comment. It's been a long while since I've applied for conventional financing.

Happy Investing...