Good Evening, I am a rather new investor currently closing my second deal. Im looking into ways to increase my buying power to a level lenders like to play at. I've been sniffing around the idea of using credit cards for purchase and then pulling out equity with "HELOC" anyone want to offer insight. If you could answer the following that would be greatly appreciated
-how to increase credit limits FAST!!!!
-cheapest way to use credit
-lenders (private or tradition) that lend or service HELOC at amounts under 50k
thanks in advance
You are leveraging more than I would be comfortable with, however, if you do anything with a HELOC there are a few things to keep in mind.
1: HELOC can be called by the lending bank at any time and be due at the end of the current revolution (typically less than one year).
2: Banks have the right to seize funds from your cash accounts if you are late on a payment, this means you don't want to borrow from the same bank you have your cash accounts with.
It does sound like you may be trying to move too fast, saving some cash will put you in a stronger position long term.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.