All Forum Posts by: Tre'nez Deriggs

I currently own a townhome with a value of probably around 100k, and I have about 30% equity in the home. I'm looking for advice about whether I should go the cashout refi route or HELOC since I want to use the equity to pay for another rental later.

what exactly do you mean your bank jumped on it before your sentence??

I am thinking about opening a HELOC on my primary home that I have some equity in in order to use as a down payment for my next rental property. I already know the ramifications of not paying the HELOC would have on my primary residence; i'm more so interested to see if anybody has used this method before and their experience with it. Such as how long did it take to acquire the HELOC , did it affect them getting financing for the new mortgage on their property, etc. Any advice/tips/experiences would be helpful. Thank you!

I am thinking about opening a HELOC on my primary home that I have some equity in in order to use as a down payment for my next rental property. I already know the ramifications of not paying the HELOC would have on my primary residence; i'm more so interested to see if anybody has used this method before and their experience with it. Such as how long did it take to acquire the HELOC , did it affect them getting financing for the new mortgage on their property, etc. Any advice/tips/experiences would be helpful. Thank you!

Okay , thank you all for the replies! Really appreciate it!!

I recently bought a rental property in July of this year with 20% down. I've been collecting good cashflow on the property (approx. $450/month). My plan is to cash-out refinancing the property later on next year after allowing my tenant to pay down more of the principal, and use whatever equity I pull out as a down payment for another property. This is a strategy I did initially with my primary home which allowed me to acquire this rental, any suggestions/thoughts/tips about this method would be helpful

I recently bought a rental property in July of this year with 20% down. I've been collecting good cashflow on the property (approx. $450/month). My plan is to cash-out refinancing the property later on next year after allowing my tenant to pay down more of the principal, and use whatever equity I pull out as a down payment for another property. This is a strategy I did initially with my primary home which allowed me to acquire this rental, any suggestions/thoughts/tips about this method would be helpful

@Andrew Zannotti okay I just messaged you ! thanks for the reply !

I have read the bigger pockets book on the BRRRR method and read multiple articles on the subject. I just was wondering has anyone used this method recently and is comfortable with using it? Also, i'm thinking about using a hard money lender in order to complete the "buy" portion, has anyone had experience with using hard money and how was that experience ??

I have read the bigger pockets book on the BRRRR method and read multiple articles on the subject. I just was wondering has anyone used this method recently and is comfortable with using it? Also, i'm thinking about using a hard money lender in order to complete the "buy" portion, has anyone had experience with using hard money and how was that experience ??