All Forum Posts by: Sam Nadar

@PJ 

@PJ Singh I haven't found any 2nd position lien lenders yet, will keep you posted if I do! And I'd like to hear if you find any as well! Lets continue our hunt! 

@Kwabena Dean Oh thats good to know. I'll keep you posted if I find anything on HELOCs.. and yes, please keep me posted too if you get info on LOC, you and me both are trying the exact same think! haha love it.

Pros and Cons of using an Unsecured Line of Credit to buy flips (and/or use it to get approved for hard money)

In your experience, is that a good or bad idea?

I have a SFR rental that was purchased w a FHA loan. I own 90k, its worth 135-155k.

I want to HELOC it to get some money to re-invest into another property without killing my cashflow.

Do you or anyone you know could refi me? 
DM me asap



# Houston , Texas ,  Refi , Refinance , Lender , 30 year , 30 yr , loan , HELOC , loan officer , long term

I'm running questions by the owner, and will get back to you in a few.
But so far.. what do you think?

1.5 Acres land in gated community. Whitewater Springs in Bertram, near Austin Texas.

Only 10 minutes from Marble Falls. 

55k OBO

Do we have an agenda for the evening ?

@Brent Coombs Please forgive me if I sounded a bit too eager to jump into the next deal. I appreciate you clarifying your thoughts, and value your experience.
I bought my first property with a FHA, after some fixing up, its now rented for the past 3 years ago, and now I'm cash positive enough to move into another deal.. and was wondering if I should 'rinse repeat' the FHA approach or jump into a full blow flip/rent. My finances allow me to do either at this point, but of course FHA is cheaper, thus my inquiry.

In your experience, if you could do an FHA, would you? Or why not?

@Brent Coombs Thanks Brent! Let me clarify.
I'm looking into houseHacking a triplex early next year and wanted to get out of that property and houseHack another as soon as possible.
So I was wondering two things
1- Is the 3.5% down a nation wide standard or does it vary from bank to bank? (could I shop for an even lower down payment?)
2- How fast can I repeat an FHA loan? / How many can I have over my lifetime?

Hope this is a little more clear.. as I typed the initial question while in deep thought in the middle of the night haha  

How many FHA (3.5% down) can an individual take, to househack?

And do different banks have different timeframe, or is it standard nation wide?