Updated almost 6 years ago on . Most recent reply
Using a Personal Line of Credit
Hey guys. I am a new investor, and i received some advice to go on the "credit tour" which is essentially applying for a line of credit at multiple banks and seeing what you can get. I went to three banks and am currently approved for over 100k! While i am pumped, im not about to jump in and start spending. I am wondering if anyone has had any experience doing this sort of thing to help jumpstart their investing career. My main focus is brrrr properties, so i am curious as to how using a LOC to use as either a down payment, or for renos (or both) would affect my ability to get approved for the refinanced mortgage after i complete my renos. Any help on this would be greatly appreciated!
Most Popular Reply
@Nicolas Mitchell
Take a HELOC and use it to finance your 20% down and the construction costs. Or lend It out as soft/hard money (get a note) to other investors and make the 12% and don't have to find the deals or do the construction