Instead, you might ask a portfolio lender if they'd forego the down payment if you give them a second lien position on the other property as additional collateral.

Andrew and his company, American Private Money Group are not reliable or trustworthy.

Hard money, and I sold my car to pay for the down payment How did you add value to the deal?

My question is, whats the best way to finance it- I can use the HELOC for down payment for a conventional loan, but then how would I have the funds for the rehab?

Here is how most work:•Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV) 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

You can easily qualify for a dscr (no tax return, no dti, no proof of income) loan, cash-out, use that equity for down-payment on other STR's.  

So most VA and FHA buyers won't have extra money to pay a buyer's agent commission when they are coming up with a down payment and closing costs. 

Or is it better to wait out the seasoning period with your loan balance (I used a HELOC so no hard money lenders or balloon payments) and just refi out in 6 months?

While appreciation is always a nice bonus, our primary objective is to build a portfolio that also yields reliable income over the long term.

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