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26 June 2024 | 4 replies
I could use the HELOC to finance my down payment and rehab and then when I refinance my BRRRR, I could pay off the HELOC and close the loan.
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27 June 2024 | 5 replies
As other's noted, the primary ways to gain more money are:Bring in partners for the equityTake on more debt, either through HELOCs, refi's, hard money or private lendersMake more money yourself.The most common way people scale is through the first two.
26 June 2024 | 1 reply
We took an $80K HELOC on Lake Arrowhead for expenses.
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27 June 2024 | 3 replies
Here are some tips and insights to consider as you begin building your real estate portfolio:Options:Refinancing: If you have equity in your condo, consider refinancing to access funds for future investments.Investment Loans: Explore options like conventional loans for financing future rental properties.HELOC: Depending on your equity and financial situation, a Home Equity Line of Credit (HELOC) could provide flexible financing for down payments or renovations on new properties.Build a Financial Strategy:Budgeting: Create a detailed budget that includes mortgage payments, property taxes, insurance, and maintenance costs for your rental property.Cash Flow Analysis: Calculate expected rental income versus expenses to ensure positive cash flow.Emergency Fund: Set aside funds for unexpected repairs or vacancies.Research the Rental Market:Location: Choose rental properties in areas with strong rental demand and potential for appreciation.Tenant Profile: Understand the demographics and preferences of renters in your target market.Market Trends: Stay updated on rental market trends and local regulations affecting landlords.Property Management:Self-Management vs.
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26 June 2024 | 4 replies
Hello BP 😎 ai am new here but i listen to real estate rookie for awhile. i bought single family house in 2019 and now i want to buy a four family house i have home equity should i use it at a down payment or not around here in boston the 4 family house is between 900,000-1.2M so i need to do house hack put down payments as low as 3.5% and rent my single family and show the Leander as an income to and i only have 30k saved up and the leander want to see 3 month reserve should i take HELOC and show them that i have reserve or is there any other options?
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24 June 2024 | 2 replies
In fact with a slightly higher credit score and full documentation income lenders are going to 95% CLTV..SFR not condo..check in with @Joseph Chiofalo he's helping several clients with cash out HELOC's and fixed seconds currently.
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26 June 2024 | 8 replies
I funny story...when my wife and I put in a pool a couple of years ago we decided to get a HELOC as I can't do my own HELOC here at my mortgage company.
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26 June 2024 | 11 replies
After a few years I took a HELOC out on the property and purchased two duplexes out of state in Columbus.
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26 June 2024 | 18 replies
But my finances are getting hard to keep track of sometimes, I really wanted to get setup with a business account so it will be easier to keep track of expenses, mortgage payments, rental income, HELOC payments, everything gets handled through my personal account, at the moment.