Hello, i am brand new in real estate investing and I have a creative idea to expedite myself getting into real estate. Looking to speak to hard money lenders in the Hampton Roads VA area if possible. The basic idea is to talk about said loan, drop money on current home, refinance under heloc, tracking it's generally 80% thats refinanced into it so adding some of my own money as well. Once refi complete pay back the lendor with heloc and use velocity banking to free up the heloc. Is this something that could work in your opinion/s?
I do not think you received any responses because what you wrote makes no sense. Specify what your spending $ on and where is money coming from. Then people may be able to answer
My apologies i was really excited to write it and i did not proof read it.
My idea is to get a hard money loan and use that money to put down on my current mortgage to free up equity. Then refinance under a home equity line of credit and pay the loan back using the velocity banking strategy.
After writing others and posting i found that this is not necessary and i can use hard money lenders to finance actual deals. It has definitely been a learning curb for me. Thank you for your reply.
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