Quote from @Christina Venegas: Quote from @Dominic Mazzarella: Quote from @Christina Venegas: is it possible to do HELOC on a primary home that was purchased 6 months ago with 5% of down payment, the property was $145k and it was appraised at that time for $160k. i need advice from investors and lenders, if anybody knows some lenders that could help me I would really appreciate it, thanks for taking your time to respondIt’s definitely possible to get a HELOC on a primary home, but most lenders have a seasoning periods which are typically 6-12 months after purchase before they’ll allow it.

Now to the bad news: it is REALLY hard to be a 20yo real estate agent and make a living wage, let alone generate cash for a down payment.

Hire a reliable co-host or property manager (15-25% of revenue), automate pricing and guest communication with tools like PriceLabs and Hospitable, and build a strong cleaning/maintenance team to handle turnovers and inspections.

The last thing you want to do is to buy a sub-optimal asset or location where your initial equity down payment evaporates and goes away. 

Do you know if he has a job or any income or assets you could go after for non payment?

It doesn't tell you anything about how timely they are with payments or if they've violated the lease.

What is your price range/down payment amount?

I would keep the heloc and make the payments on that since it was used for my business.   

Do you need to refinance quickly to avoid a balloon payment or other financial pressure?

@Abriauna Garcia I'm not an FHA expert, I'm sure others that are will chime in at some point, but the most commonly focused on difference is the lower down payment requirement with FHA loans.