All Forum Posts by: Thomas J Mele

Are there any meet ups scheduled coming up in the next few months in these areas? If not, would anyone be interested in helping me put something together?

@Joe Splitrock

That’s a great tip, that was my plan, thank you for confirming

My fiancé is a travel nurse and makes a very good income. We’ve recently started shopping lenders for the purchase our first home after we tie the knot this coming September. The problem is that the banks and other brokers only go off of her w2 income which only comes out to around 40k a year. Her weekly take home includes travel expenses, per diem and even meal money. These amounts are way more than what she needs to live off of but it is how hospitals recruit very high end nurses to leave their home state and move to a new area. She’s spoken to other travel nurses in the same field and they all have the same issues when shopping for real estate. They all say we need to find a lender who is familiar with the travel nurse world and there will be zero issues, the problem is we have had zero luck thus far.

Thoughts?

@Jesse Ruiz

Yes that was my plan as well. To use it to buy another property and BRRRR it. Then pull out the equity, pay off the HELOC

@Todd Rasmussen

I'm a bit confused. I was advised that I could use the HELOC to purchase another property. I looked into this throughly before I applied

@Brandon Terrazas

I literally just created the same post! Help us😂

I'm trying to find a lender that will allow me to use the HELOC on my primary as a down payment for a new investment. Also, would a 203k loan be an option if I'm using credit to obtain the property?

When exactly does the interest start kicking in and they start charging you?

Instantly or only after you make the first withdrawal? If you just sit on the HELOC for a couple months until you find the project to apply it, it just sits there correct ?

@Jason Albasha

Credit is in their top tier and I don’t have much debt besides my car and mortgage. Maybe a couple thousand in credit cards. But nothing crazy

@John Warren

Awesome to hear. Thank you John!