Thank you for your response!

Thanks for the quick response" sorry about that

So I need them gone; it was the sellers' responsibility to get that done; and it's gonna cost me a lot of money because they didn't.I think my strategy here will be to wait to close until they vacate, but ask them to make a concession on their selling price to reflect the costs I'm incurring.  

If you are leaning towards holding, maybe just wait another 9 months until we hit the summer hot market, put it out there and see what the response is.If there is no intention to move back to the area, then the funds from the sale can either take your family on a nice vacation, or be reinvested into another property.

As well, I like to connect with like minded individuals.  

For the sake of a meaningful response; assume that you put a property under contract for $25000.

Thank you everyone for your responses.

I am looking for responses from people that has used credit unions in the Chicagoland area and surrounding suburbs for HELOCS. 


This may be a long post, but I thought it would be good to walk through everything step-by-step, and explain my thinking along the way.If you want to stick with me through it all, here we go:I was not going to be getting a conventional mortgage for my first property for a number of reasons.First, I am still annoyed at the hoops I had to jump through to get a mortgage for my primary residence.Second, my liquid cash was on the lower end.Third, the properties that I would need to start out with would not be financeable anyway.Fourth, my DTI is on the high side, due to the decision that we made to take out a HELOC to complete interior improvements on my primary house.So, I decided that my path was going to be to form a single member LLC, and take a loan from my 401(k) at work to finance the down payment.Since I do not view the 401(k) loan as a long-term solution, I am treating like hard money, and pay it off ASAP.So, my first deal would be a flip, or a rental that was such a good deal, that I could re-fi out and pull all my cash out.I decided to reach out to the commercial lending department of the local credit union, which I am a member.The person I talked to (who became my lender) is fantastic.I told him what types of properties I was looking for, and that I’d look to turn them into rentals, or to flip them.I will never forget his response, which reminded me why I love this credit union.He said:“Typically, the deals you are talking about are much smaller than the deals we like to do.However, we also realize that you can not get to that level unless someone helps you get there.So, if the numbers make sense, we will see if any of our products fit.”Awesome!

If they own several they are obviously investors.Once you get a response from the seller of the vacant house, negotiate a deal to buy it for all cash and get it under contract.