Originally posted by @Account Closed:
Awesome and inspiring story Michael! Quick question: when pulling the equity out of the properties after purchasing with the unsecured line of credit, where is the equity coming from? For example, did you do values add projects or is it based on the property's cash flow? Was it purchased under FMV and already had equity or is it from the "cash" from the line of credit? Newbie here just trying to learn! Thanks
Back in the early 2000's getting a loan was really easy. I pulled equity from properties. Just this year I was able to get an unsecured line of credit that is not tied to a property. That why its called unsecured.
My plan is to refi the new property in 3-12 months, pull out all of the money from the purchase, pay off the line of credit, then use that line of credit to do it again.
