Home Equity Loan/Line of credit
Hello Everyone,
I have a house that sits on 18 acres and it is my primary residence. It is all paid for and I was wondering how to go about getting a HELOC in order to fund deals. I was orignially going to save cash through wholesaling and then phase into buy/hold, which is ultimately my overall goal. Now, I still want to wholesale becasue I really like it, however if I could get a HELOC and use that to fund a deal to create cash flow that would be awesome. How do I get an HELOC? What qualifications are needed, paperwork etc. If I have this asset right at my fingertips then I really want to capitalize on. Any advice, tips, suggestions and recommendations would be greatly appreciated!
Most Popular Reply
Lucky for your there is a lot of info on HELOC's on BP & the internet. Yes it sounds like you can get a HELOC and most lenders will limit to about 75% LTV but every lender is different. I suggest seeking local lenders like Credit Unions, Small Banks and shop around....
You will be surprised how each one is different and eventually you will find one that fits your needs. Please check out the links below to maybe gain some insight.
A couple blogs on HELOCs
http://www.biggerpockets.com/renewsblog/2013/08/27...
http://www.biggerpockets.com/renewsblog/2014/02/01...
a couple forums on HELOCs
http://www.biggerpockets.com/forums/49/topics/212951-heloc