All Forum Posts by: Jared Whitfield

Hello all, Hopefully this isnt a dumb question and Im not even sure what the right category for it may be. However I cant seem to locate an answer. When applying for financing consistently for flips doesnt this ding your credit with all these hard inquiries? Does it start to send red flags to banks or does it do so little damage that its ignored? Im very hesitant to apply for financing cause I want the best deal but the only way to see the actual interest percent is to apply to all these banks which I feel may start damaging my credit with multiple applications. Thanks in advance for any insight.

Hello all, For a little over a year now Ive been trying to get as much info on flipping and inventing in real estate as possible. For the longest time having enough savings for down payments was my biggest obstacle. Ive now saved up 10k and was thinking of taking a HELOC which could be around 40-50k. Is this something that anyone has experience with and is it a fairly decent way to get into REI? Also assuming I go the route above, would a conventional loan be the best way to do this? Another assuming question is, if all goes right, which is usually the plan but typically not the outcome, is the profit all subject to tax even if its partially used to pay yhe HELOC? thank you in advance