I just realized that I'll only be able to pull 80% of the equity in my home through my HELOC. This drastically changes things. Has anyone ever rehabbed a deal this inexpensive? This limits what I can afford through my wholesale listings.
Look around for a credit union or a better bank. I just did 100% LTV on a Heloc @ 5.5% a few months ago. It's possible but jacks the rate up 1% for every 10% after 80.
Certainly the HELOC is not the only source of OPM available to you! How about private money, hard moneybloan, equity partner, seller carried note, etc?
Look around for a credit union or a better bank. I just did 100% LTV on a Heloc @ 5.5% a few months ago. It's possible but jacks the rate up 1% for every 10% after 80.
What bank did you use?
Also, did your lender "allow" you to use it to rehab a house? Mine have told me that that specific purpose is not allowed and literally told me to lie about what I'm using it for.
Certainly the HELOC is not the only source of OPM available to you! How about private money, hard moneybloan, equity partner, seller carried note, etc?
I don't have any private money or equity partners available to me. Perhaps I could take out a fraction of a hard money loan to work with my HELOC that would cover the majority of the project. I wouldn't know where to begin asking for seller financing on a wholesale property.
I don't believe they asked what it would be for at all, you can use it for whatever you want. I could take out a HELOC for strippers and cocaine if I wanted to and as long as I made all the payments I'm good and get to write off all the booger sugar interest from my taxes.
I don't believe they asked what it would be for at all, you can use it for whatever you want. I could take out a HELOC for strippers and cocaine if I wanted to and as long as I made all the payments I'm good and get to write off all the booger sugar interest from my taxes.
They said I can use it for everything EXCEPT investment properties. But I'll just lie.