All Forum Posts by: Justin Phillips

I love it too! Quick and easy, money hits my bank account the next day. Along with that, there's a digital record of every payment and date. It makes book keeping much easier. 

I've been wondering about this as well. I have a first position Heloc on my property, and I've thought that as my equity rises, I'd be able to borrow from my equity and make a killing lending at Hard Money rates! Minimizing risk, and "learning on your own" tuition will be a huge focus for me.

@Cynthia Andersen @Tanner Larsen @Clayton Coombs @Shiloh Lundahl
Hi all, I can provide some insight on this one! 
My wife and I got a First Position Heloc Loan, and I liked it so much that I left my job in Medical Sales to join a company that specializes in them! We're able to offer it for both ReFi's and Purchases, and we're licensed in AZ/CA/CO. 
It's a great option for investors, as it allows you to quickly pay down your principle, while retaining access to equity for 30 years! We're looking to have our investment property paid off in 4 years. Then we'll have the whole credit line available to purchase another property. When a good buying opportunity arises, we'll simply write a check out of our line and purchase in cash. The best part, each new property pays off faster than the last with the additional cash flow. With homes values so high right now, it's a great time to open one, and gain access to all that equity.

Wow these are nuts. Great stories to tell over a beer! 
The only thing I'm wondering: @Jay Hinrichs Why demo the house and use an excavator? Couldn't you have paid someone to dismantle the Chevy instead? 

I think it really depends on your original goal with that land. Did you buy it to see appreciation? Is it in the path or progress? 
Depending on your goals, and the property, you might be able to more effectively deploy that capital elsewhere. 

@Sandra Andrews @Brandt Baize We found out about the program through Life Changer Loan, who is a broker. As I mentioned, I left my old job to work for them. We're currently only licensed in CA/AZ/CO, but the loan is available in all 50 states (Although it's very stringent in Texas). I'm working to build a list/network across the states that we don't cover, so I can have a contact to pass along for each state. 
It's not for everyone, but for those who qualify and the numbers work, it's a great option! I think it's something everyone should at least be educated on as an option. 
Since the majority of people on BP aren't going to be in our licensed states, I'm really just focused on providing some education, and sharing my positive experience. 

@Austin Shade Man things are pretty nuts right now in this market. My realtor friends keep talking about how little inventory there is, so prices are being pushed way up. Wildomar will probably be a little more affordable, but I'm sure it's running up as well. We bought our Condo in 2018, there were a couple of other offers, but our full price of $225,000 was accepted. I think in part due to our story/cover letter. It was our primary for a couple of years, then we moved to AZ in November of 2020. Our renters are paying $1645/month, and they've been great so far. Another one of our models just sold for $300,000. It's insanity. 

Did you end up finding one? I work with a company that specialized in 1st position Helocs in AZ/CA/CO. I'd love to have the contact for a company that offers them in Florida, so I can pass it along to people I know out there who are interested. Thanks!

Hi Nikki! My wife and I got a First Position Heloc Loan, and I liked it so much that I left my job in Medical Sales to join a company that specializes in them!
It's a great option for investors, as it allows you to quickly pay down your principle, while retaining access to equity for 30 years! We're looking to have our investment property paid off in 4 years. Then we'll have the whole credit line available to purchase another property. When a good buying opportunity arises, we'll simply write a check out of our line and purchase in cash. The best part, each new property pays off faster than the last with the additional cash flow. With homes values sp high right now, it's a great time to open one, and utilize all that equity.

My wife and I have rental condo in Murrieta, it's been great! Very safe, family oriented city. Prices are rising fast though! If you can find a deal, I'd highly recommend the area.