All Forum Posts by: John Daugherty

@Teonia Riley. Thank you! I had never heard of these guys.

@Alan Carita. You’re probably right Alan. Same here.

Newbie here from Tucson. I'm getting started in REI and I've discovered my credit is only fair.

I paid my mortgage off 6-7 years ago. Every payment on time and then doubled up to knock it out. All my vehicles are paid for. I have no credit card debt, and haven’t for 10 years, and that’s my problem. I haven’t had any credit history in a long time. We pretty much just used cash to buy everything.

So I just got a CC (with a lousy $300 limit) to start building my credit. Figured I’d buy my fuel with it and just pay it off monthly.

But I was planning to open a HELOC to initiate BRRRs and then refinance. But of course, my interest rate is going to be high with a fair credit rating.

Do do I wait to refinance until my credit score increases or just bite the bullet and take what I can get now?

@John Teachout. I’ll try. It’s an auction house so it’s probably bank owned, right? I’ll see what I can find.

@Odie Ayaga. That makes some sense, but wouldn’t it be easier to just stipulate that directly?

@John Teachout. Exactly my question. I thought it was odd.

@Wayne Brooks I get that reasoning, but if someone pulled money from their HELOC and put it in their bank account, would they then qualify for the buyer?

I was analyzing an auction home today and ran across the seller’s term that specified “No Hard Money Loans or Home Equity Lines of Credit will be permitted”.

Why would a seller care if the money came from a HML or HELOC?