All Forum Posts by: Ivory Hayes

Approval is also based off of your credit score, so make sure your score is up to par and you've done all your research on which financial institution you plan to go with. Because too many inquiries will cause a barrier for approval. I believe the general rule of thumb is, you don't want to have more than two hard inquires within a six month period.

Happy Investing...

Well I've never used private or hard money before either. I've considered it but have not executed.

In regards to the heloc if I understand things correctly you will not be able to take out a heloc on a investment property but simply a loc or a blanket/commercial loan depending on the financial institution you decide to approach with the situation. Check with your local/community banks and you should be able to find viable information there as portfolio lenders might be another solid option for you.

Happy Investing...

You can try smaller community banks as well. Their guidelines can vary from the larger financial institutions. You can also search portfolio lenders, you might across some of the same information as you've fingers with smaller community banks and credit unions but both of those are viable options for your position.

Happy Investing...

Well, the best way to show anyone you're serious about what you're talking to them about is to provide results. I believe people first want to know about your accomplishments, then they take interest in what it is you're doing. Then after that they begin to apply how it can benefit them as well. Being that it's your family the feeling in the room might be a tad bit more gentle but what usually wins people over is a method that proves to be working or some sort of progress made in the direction of a really good plan working.

Secondly, I'm a REALLY BIG boxing fan, I know of boxing twins that reside in the Houston area, along with some other major players in the boxing world. So please inbox me so we can chat... 😉

I've also got a question in regards to the heloc. Is it as easy to find lenders that'll perform the heloc if the property is held in an llc and in a different state than you reside?

You may try seeking out a portfolio lender and doing a blanket/commercial loan. It may or may not be what you're looking for but the information you might receive could serve as valuable.

Happy Investing...

I have. I actually purchased the property cash and the rent covered all overhead costs. It was a small amount but it worked out as planned.

From my experience using a heloc was much more beneficial than using a home equity loan. I actually switched my home equity loan over to a heloc because of all of the options and benefits of the heloc and different methods to paying the heloc off, compared to the home equity loan. Obviously one would have to assess their own personal direction and goals in order to know which is best for them as an investor. Just be sure to dive in to the specifics of both before making a decision because of how it may look on the surface. If you'd like to go more in depth about the two of these products I can share my overall experiences with both. Just pm me.

Happy Investing...

Try contacting portfolio lenders. See what they have to say. They may direct you to their commercial side but it's worth a go.

Happy Investing...

Try imortgage. I did not go through with it because I found better terms on a heloc with a different lender but we were all set to go on a cash out refi. Check them out...