All Forum Posts by: Ryan P.

Thanks @Carson Wilcox

@Josiah Kay thanks for clarifying. I wouldn't be comfortable buying without 6 mos reserves, just want to understand if I need to allocate that $ or can use my HELOC.

Does anyone know if it is generally acceptable to a lending bank to use my (primary residence) HELOC as proof of cash reserves when applying for a rental property buy and hold conventional loan? Or do you need to show proof that you have X months amount of cash in an actual bank account?

This post addresses HELOCs & reserves but isn't exactly on point: https://www.biggerpockets.com/renewsblog/2011/04/0...

Thanks 

Thanks @Jeremy F.

Thanks @Sammy G. My questions pertain more to the lending bank (the one i have the HELOC with).

Do they care if you use a HELOC to purchase another property out of state, or does it make no difference to them since it is a collateralized loan? I have minimal experience with HELOCs.

Newbie here. Has anyone used their primary residence HELOC to fund their downpayment for their first (or any) property purchase? i've searched the forums and maybe i missed it, but don't see anything speaking directly to this point.

I have a few hundred grand in equity in my primary, but currently only have a small HELOC ($25k, taken out many years ago and never really used) on it.

My questions are:

1) When using primary residence HELOC, do you have to inform the lending bank as to whether you are using it to purchase another property (OOS to boot)?

2) Same for asking for the bank to increase the amount to be increased?   Generally do you need to inform them as to the purpose, or can it be general?

FHA/house-hacking is not an option for me (I live in an A+ neighborhood with best public schools in area w/3 kids). My current home is on a VA loan, FWIW.

Thanks in advance, these forums are great

@Marlon Fong thanks

@Cory Binsfield thanks. i read that article, very good and inspiring to say the least

and that is @Cory Binsfield

Hi everyone. Newbie to REI and trying to learn as much as possible before making my first deal before the end of 2018. I recently found BP by speaking to @CoryBinsfield and I've been reading as much as possible on BP and listening to the pods, they are a great resource.

I currently reside in the Washington, DC area and have my own boutique public affairs firm. REI is something that I've always been interested in and am now seriously looking to invest out of state, possibly in FL (my home state), or other areas around the country such as KC, Denver, UT, Houston, Memphis and Nashville.

My goals to start are to close on my first deal within the next 4 months, then to add a property per year for the next 5 years. Then we'll see from there...

I'd like to start with multi-families, but it is a daunting process to learn what you need to know as well as to figure out where it makes sense to invest as a first-time long distance landlord. 

Anyways, thanks in advance to all the useful info on this site. 

-Ryan

awesome Greg, thanks