When Delayed Financing Fails...

[Account Closed]

Hello BP! I am in the process of obtaining a HELOC. My strategy is to use it to purchase properties cash ( I am looking for duplexes or anything that is 2-4 unit as opposed to SFR in Milwaukee) using the HELOC and then execute the delayed financing exemption.

I would like to hear from any of you fellow BP'ers that have hit a snag in the process of executing the delayed financing exemption- what did you do when it all went wrong and you weren't able to due to whatever the reason maybe.

Thanks BP!

Jorge

[Chris Mason]

Originally posted by @Account Closed:

Hello BP! I am in the process of obtaining a HELOC. My strategy is to use it to purchase properties cash ( I am looking for duplexes or anything that is 2-4 unit as opposed to SFR in Milwaukee) using the HELOC and then execute the delayed financing exemption.

I would like to hear from any of you fellow BP'ers that have hit a snag in the process of executing the delayed financing exemption- what did you do when it all went wrong and you weren't able to due to whatever the reason maybe.

Thanks BP!

Jorge

 Worst case scenario is that you wait six months from purchase, then it's just a normal cash out refinance. 

Ideally you are working with your lender months in advance of the purchase, to ensure no snags come up.