All Forum Posts by: Taylor Farrington

@Daniel Fridrij

Hey Daniel -

I am new to the Dayton market but my agent’s Brokerage has a PM division. Not sure if they will

provide what you are looking for but give them a shout. https://www.bellarealtors.com. Do you currently own any properties in the Dayton area? Let me know. Best of luck.

Taylor

Thank you Jaysen. I guess I am struggling with the option to use the HELOC as a down payment while taking out a traditional loan, which can take longer or just going all in with the HELOC and purchasing the property without a new loan. Seems like this way one could move on something much quicker (days) and be up and running sooner. So to clarify if chose the second option once 20-25% of that HELOC was paid back I could apply for a conventional 30 year loan, pay back the rest of the HELOC with that conventional loan and start over. Additionally I am not looking to BRRRR, but rather find something somewhat turnkey or value add, since I am looking out of state. Thanks for your time.

Thank you Jonathan. I already have the HELOC secured. In my research it seems like many times you can get a better deal if you purchase the whole property with the HELOC like cash. No financing, better offers accepted, etc. So if I were to make that move I could essentially snowball the HELOC until 20% of it is paid off and then go to a bank to try and get a conventional 30 year loan? Are they normally willing to do this? My wife and I have Excellent Credit and own our primary residence in California with a 40% LTV. Let me know and I appreciate the response.

Considering purchasing my first property potentially using a HELOC as a down payment for a traditional loan. More than likely something that does not need work, so not a BRRRR. I understand that I could use the HELOC to purchase the whole property like cash and avoid the financing all together as well as making my offer more competitive to the seller. Of course that HELOC would be my 2nd mortgage with a non fixed rate. Some people are not interested in that. Also the bank could ask for the funds back at anytime although I am unaware if that is a term with my HELOC.

Question is if I were to make this move could I at a future date go to a traditional 30 year traditional loan in order to pay off the HELOC and free up the equity in my primary residence? If so do I need to have 20% equity in the rental property? How easy is this process and are the banks normally willing to do this. Any ideas or suggestions are welcomed. Thanks.

Considering purchasing my first property potentially using a HELOC as a down payment for a traditional loan. More than likely something that does not need work, so not a BRRRR. I understand that I could use the HELOC to purchase the whole property like cash and avoid the financing all together as well as making my offer more competitive to the seller. Of course that HELOC would be my 2nd mortgage with a non fixed rate. Some people are not interested in that. Also the bank could ask for the funds back at anytime although I am unaware if that is a term with my HELOC.

Question is if I were to make this move could I at a future date go to a traditional 30 year traditional loan in order to pay off the HELOC and free up the equity in my primary residence? If so do I need to have 20% equity in the rental property? How easy is this process and are the banks normally willing to do this. Any ideas or suggestions are welcomed. Thanks.