Velocity banking using a HELOC

[Jim Hlavacek]

Hi, We are in the process of converting several of our investment properties from 30 year notes to 1st position HELOC's, and move to the velocity banking / paycheck parking strategy, with the focus on paying down the principle balances. Has anyone had personal experience with this. Running the numbers on spreadsheets, I would have 2 properties paid off in about 5.5 years. We are using 1st lien /position HELOC's, not 2nd position. We've had a tough time finding companies offering HELOC's on investment properties, and we're looking for additional options to the one we are considering as well. At this point I've called more than 100 lenders.

[Jaysen Medhurst]

Hi, @Jim Hlavacek. Check out this post, towards the bottom. @kerry baird has put together a pretty great list.