All Forum Posts by: Paul Kerr

After my current home sells I'm gonna try everything you guys have told me here. If it doesn't work this time I think I need to get serious about finding a hard money lender. I've been fully dedicated and making the right moves to get this far and feel like going back to "a regular job" just to try to get a line of credit would be a step back in the wrong direction. I feel like I'm one line of credit away, whether it be from a bank or a hard money lender, to take this to the next level where i'm doing multiple flips at a time. I'm going to join the madison REIA and start networking more than I have been. Thanks again for all the input BP community! Keep chasing them dreams!

My brother and I have flipped 2 homes exclusively doing all the work our selfs. I also personally own a home that should net me around 60k when it sells.  Were about to purchase a home ( for 47k and tax assessed at 160K) that we plan on fixing up and living in and hopefully be able to get a heloc on it in order to continue growing out flipping business.   We have some skin in the game now but it doesn't seem like the bank will give us a line of credit unless we show some " regular income".  I have a back up job as a union electrician that I could go back to just incase thats a last resort to get the heloc.  So the question is if we're sitting on a house thats paid for thats worth 160k and I personally have 60k in my bank account is a bank going to give us a line of credit on our 160k home and if not do I have any other options besides going back to my regular *** job just to get a heloc?  Thank you BP community!

I was told by a couple banks that they don't count unemployment as income even though its taxed like income........

Thanks for all the good info......I haven't had much luck finding hard money lenders.  Anywhere else I should be looking? The ones i did find where through my brokers contacts.

It's called hard money because it's hard to find right? haha  I've looked into finding a hard money lender in my neck of the woods.  Found a couple but there numbers weren't adding for me to make it a smart financial move.

Hey BP members. I need some help trying to figure out how i'm going access my home equity while working for myself and starting up an LLC. A little back round on me, i purchased my first home back in 2012. I have a mortgage of 140k left and my home is tax assessed at 200k. The same year i also rolled over 50k of my pension into an IRA. In 2013 I purchased my first flip house for 18k and remodeled it while collecting unemployment. In december of 2013 I purchased my second flip home with my brother for 25k. In april 2014 my first flip home sold for 64k and now our second home is finished and on the market for 89k. Im going to apply for the HELOC but it doesn't sound promising without having "consistent income" the last 2 years. Im also a union electrician which leaves me the option to go back to work full time or do a 2 week short call. One of the requirements for the Heloc if i am employed is 2 paycheck stubs. Im wondering if they will look into my employment further than just those 2 pay stubs if i do do a 2 week short call. Any other ideas on how I could access a HELOC without having to go back to work full time, which would severely hold back my progress at building my own business and reaching the bigger goal which is of course becoming self sufficient. Any ideas or help would be greatly appreciated! Thanks fellow members!