All Forum Posts by: Phillip Laven

Hi @Lynne Cregar Hernandez, I would say yes. The HELOC will be opened based on the equity in the property and I don't think lenders are concerned about how the property was acquired. The HELOC will become the 2nd position/lien on the property after the primary loan.

I found this article that may help too.

https://www.biggerpockets.com/forums/853/topics/1024501-using-a-heloc-and-or-self-directed-ira-for-a-brrrr

Do you have a self-directed IRA? I'm looking to start one and any suggestions to a company or custodian that does this would be appreciated. That is how I found your post 🙂.

Hi Damien,

I am currently working with Remington to find properties in the Columbus area. I am focusing on small multi-family as well. @Remington Lyman has done an awesome job with everything so far! 

Cheers!

Hi BP! Does anyone have some recommendations for a solid painter/contractor that operates in the Phoenix, AZ area?

Cheers!

Hi Chris!

I was just looking for remote meetups and came across your post. I didn't see any events in the Phoenix area, but I know there have been some before. I just reach out to people on here to build my network and find others through their referrals. I sent a request and message to the host of a meetup happening in the area I'm looking to invest about me attending remotely just a few minutes ago! I found parts of my core 4 the same way for that area.

Cheers! /Phil

Hi! I am recently self-employed and do not have the 2 years of taxes required for traditional financing, refi, etc. I have funds, credit, assets, a primary residence (w/ equity) and a HELOC, but the banks still won't budge.

Does anyone know of traditional lending that may over-look this requirement for properties that have positive cash flow and would cover the mortgages? I don't think so but that's why I am asking. There are a few programs that more than double the current rate, extra fees and an early payoff fee. About half of what hard money would be and hard money would not be an option for a two year period :) 

The DSC program would most likely work if the deal is exceptional in order to ride out the 2 years and then hope conventional would be allowed for a refi. This would definitely slow down progress, deplete cash flow, and miss out on those base hits. 

I am open to partnering with someone that has a 2 year tax history in their current occupation. Feel free to connect and PM, thanks!