All Forum Posts by: Kris Cline

@Connor Benn The people I dealt with specifically with the one brokerage were good but, I was very disappointed by the 3rd party loan officer they connected me. I was looking for a HELOC on my personal residence here in Texas. Apparently, it's almost impossible to actually get a HELOC in Texas right now. That's not their fault but I was led to believe they had a lender lined up. After being told it was in processing with a lender and they were just awaiting terms the 3rd party went radio silent. I had to call and text multiple times to finally hear from them and find out that they didn't have a lender who could do HELOCs in Texas. They can't help HELOCs being hard to get but the poor communication and being led on was disappointing.

All that to say they may be great but realize you may be connected with a 3rd party that isn't.

Well, unfortunately, I've been corrected. It was not a 3rd party and it was actually someone with the One Brokerage. I'm surprised as I really expected excellent service from them. This is just my experience though.

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Tampa, Florida

All that to say they may be great but realize you may be connected with a 3rd party that isn't.

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Tampa, Florida

Quote from @Brett Deas:

What is does your life look like? Do you have a family? Where do you live? If some of those questions are answered it may be easier to help you with your question. But... not knowing that here are some options.

1)Why sell the house? Look at doing a refi then buying another primary with that money, then you can rent out your old house and your new place will have owner occupant interest rates advantage.

2)It sounds like you have a big chunk of money for you area, so why don't you refi and use that cash to just buy a rental, no reason you have to sell your house, especially in this market.

3) Decide what you truly want to focus on for investing. Do you want to go after small multi family, or single family? Do you want to start flipping (Don't recommend it as an investment). Once you narrow down the strategy then the destination becomes clear.

Feel free to reach out if you have any questions!

My wife and I do want to stay in the area we live as it is close to family (Waco, TX). We are both on board with selling IF that is the best option. Based on the responses I'm getting it sounds like keeping the house, accessing the equity through a cash-out refi, and using that to go toward properties might be a better option. The focus would be on single-family homes for now. The flipping is less about investing and more about generating additional income to go towards investment properties.

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Quote from @Joel Broyles:

If I could go back in time and do only one thing differently: never sell. You might be able to find a local credit union or small bank to do a HE line very inexpensively - less expensive than selling in most cases. You can still house hack a duplex and/or rent your primary.

Thanks for the advice! I've contacted several banks in my area (smaller ones) and have yet to find one that offers HELOC. To go that route I'd have to do some form of cash out refi but, sounds like that may be the better approach.

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I have a little over $200K in equity in my personal residence and I'm looking for the best strategy to get my first rental. I'm considering selling my home and using the equity left over to house hack a duplex and purchase a second rental property. I want to use the remainder to start doing flips.

I like my home but, this seems like a better option than trying to use a HE loan to get the ball rolling. Is this the best approach to using the equity for getting my first rentals?

1 Vote

All Forum Posts by: Kris Cline

Kris Cline has started 1 posts and replied 6 times.

Post: What are your top 3 effective ways to find off-market leads?

Post: THE ONE BROKERAGE

Post: THE ONE BROKERAGE

Post: Best Strategy to use $200K in Equity

Post: Best Strategy to use $200K in Equity

Post: Best Strategy to use $200K in Equity