All Forum Posts by: Account Closed

thanks @Dan Pohlman 

 Ill keep that in mind. Appreciate it!

Hey there BP community,

Christian here, 

Quick Question. Can you use your personal homes equity as "skin in the game" in a hard money loan?

I have been trying to improve my credit to a point where i can get the equity out of my home. I will then use my home equity as a down payment to get my hard money loan.

I already got pre-approved for a hard money loan for my first flip but cant come up with the 20% of what i got approved for.

I know its risky considering this is my first flip but i know I am super conservative on my numbers and have done exponential research (about 2 years) on the subject of finance so I would like to believe I know about 5%. 

If anyone could help me own I would highly appreciate your expertise.

Thanks. 

thanks again @Nicole Pettis 

@Mike H. A lot of really eye opening tips. I really didn't submit the last step in the HELOC. and yeah I'm very sure it was a HELOC. But she kept saying that she cant legally tell me no, she could only tell me that they don't loan for business. but that it can be for vacation or home improvements. But if it were for a vacation for example, that they would need proof.

Me: So can I apply for a loan

Loan officer: Yeah definitely, but legally we don't loan for business purposes

Me: So... theirs no point in moving forward?

Loan officer: I cant legally say no or yes.

Me: So I'll just submit it.

Loan officer: O.K. I'll be happy to submit it to the underwriter but we don't do loans for business.

Me: so...

we went back and forth for like 1 hour and 30 min.

but ill definitely take your advice.

thanks

Hey Brett. Welcome. 

Wanted to say if you need any help Ill be glad to help. You sound like you like researching and analyzing things before you go forward. I have a ton of books I can lend you to help you out. 

Let me know.

wow. Thank you Nicole. And thank you for letting your brother know. Tell him I said thanks too. 

well then is it kosher for me to not say why I'm useing the HELOC and then use it for a different purpose?

This is a credit union. I dont know if that makes a difference. 

Thanks again to Dell, Stephan and Kent. I appreciate all your feedback.

Kent. When you say compatible investor, you just mean like a 50/50 partner?

okay here's the story. I have everything in line finance rehab, people in the construction, I have somebody to project manga the rehab, I have somebody in wholesaling and I had a pretty good hard money guy lined up to help me with everything that I don't know because I don't know a lot. lol 

what I'm trying to get is the down payment to pay the heart money guy.

so I went to a credit union to try to get a HELOC turns out the lady at the credit union tells me that they can't give me a loan because this is considered a business.

That if they do give me a HELOC for this transaction, then that would be consitered illigal

another road block on my way to success ( nobody told me they would be so many of these when I started. Lol.

If anyone can give me any advice I would be very appreciative.

thank you in advance

Marry Christian from everyone in my house. Especially my wife who is forced to hear the podcasts when and sometimes not so happy about that. I have never felt so close to my first real estate deal in years since right now and its been all thanks to everyone that participates in and helps people that are bearly starting off like me. Bigger pockets has meant a lot to my future. And to the correct way of going about real estate investing 

So I want to sincerely thank bigger pockets and everyone that helps the guys like us struggling to start. And when I finally achieve my first deal, there's no doubt in my mind it will have to be because of bigger Pockets. 

Bigger Pockets + Perseverance = success

Marry Christmas to everyone here hope you all have a great holiday

haha I see you everywhere too @Brandon L. We Definitely have to meet up after the holidays

Welcome dude. 

Nice to here from a local. I'm same as you, but I have the construction background. 

I'm in the processes of my first flip. We should totally network and who knows? Maybe  work together. 

Dame dude thanks, I might look into it. Are you going to do something like that?

@Brandon L.