Indianapolis, IN · Member since 2013 · 29 posts · 8 votes
Any advice would help.
I have a 40k Heloc. I was trying to use it as multiple down payments on some seller financing rentals with the plan to refinance after 6months pay back the Heloc and repeat. I’ve been having issues with finding good properties that fit what I’m trying to do. So now I’m considering getting approved by a lender that will allow me to use the Heloc as down payment. I only have five years on the Heloc before it’s due. Doing this strategy wouldn’t allow me to use the Heloc multiple times. What strategy are you guys using? Any ideas would be appreciated. Thanks
I would look for a lender that does not require "seasoning of funds," meaning there isn't a requirement for how long the money has been in your bank account for.
Also, I agree with @Joseph Firmin , that using the HELOC may be a great opportunity to get started buying 1 property, unsure about multiple properties.
Keep in mind, most lenders are going to want to see funds available for a down payment and then also reserves ranging from 3-12 months to cover the principal & interest, taxes and insurance.
I would look for a lender that does not require "seasoning of funds," meaning there isn't a requirement for how long the money has been in your bank account for.
Also, I agree with @Joseph Firmin , that using the HELOC may be a great opportunity to get started buying 1 property, unsure about multiple properties.
Keep in mind, most lenders are going to want to see funds available for a down payment and then also reserves ranging from 3-12 months to cover the principal & interest, taxes and insurance.