All Forum Posts by: Account Closed

@Anne James own your home years sooner without making any extra payments. I don't loan any businesses of mine money @Lem Diaz , but may be worth looking into for myself.  using it from my personal residence as a line of credit to buy investment property and then using it as a checking account paying it off as fast as possible.

own your home years sooner without making any extra payments.  this book will give you the basics.  however I made my own fit my own personal needs of investing into rentals rather than pay off my home. Feel free to ask any specific questions you may have regarding the use of the heloc

also don't need 1 year could do less if right deal came my way. Need cash to pull the trigger. Plus have access to equity

correct but heloc as checking he has access to his equity at any moment in time using all his checking account and bills to buy down interest as fast as possible. Gaining depending on bills 10's of thousands buying down monthly interest instead of sitting in checking doing nothing or orher companies having it. Using a high rewards points credit card for everything and paying it off every month at the last day set on automatic payoff. using that money as leverage also and collecting for myself 1k in rewards dollars completly interest free. Zero interest paid for 2 years. 2k in rewards. 2 duplex properties bought with 25% down using heloc as checking

Keep 1 year savings. Use you heloc as a checking account. Funneling all your money into it and wait till the last minute to pay your bills from it. Using all your income to buy down interest as fast as possible. Once it gets to zero do it again adding the 1 year savings for the new property. Should create a large snowball quickly.

I use my HELOC as a checking account funneling all my money in and out. Waiting till the last day to pay all my bills and racking up 1k in credit rewards dollars annually with zero in interest paid. Then writing off all the heloc payment as it is interest only. I buy a multi family using my HELOC place all the income into it as if it is my checking account once it gets to zero I repeat. You must have a savings account before this stradegy is deployed. It seems to be working. I'd say do it but make sure you have a savings.

1031 exchange all the way. You are pulling in 500.00 a month in cash flow and should be double that but the HOA is taking your money. If I read this right you have 465k in equity? If I had that kind of cash I would buy multi family in the houston area and use leverage 25% down if you can. more if you need it to hit number you need. Based on this scenario you would turn a 525k property into 1,860,000.00 property. Look into your options and going big may be a scary thing for you, but just one of my texas duplexes is getting just about 500.00 in cash flow a month and I spent 25k for a 100k place renting for 1600.00 a building. You can get the picture of what the kind of cash you have on hand can bring! The trick is finding the properties! The market is very tight in texas and is flooded with investors on every corner. I would probably look into new construction and get something that is in a good area and high rental demand with little to no maintenance and capx needed pay a little more for nicer buildings and just sit on it until you 1031 again and differ every penny of taxes into your next property. Maybe a lender can chime in here but I have not heard of anyone lending a HELOC on investment properties in a long time but you would rather have to do a cash out refinance and pay a higher interest rate. The HELOC is a bad word that lenders don't say because it doesn't pay for them to do. so they push the cash out refinance. Sell that place and get some investments closer to home

I am a firm believer in using the HELOC for leverage. However @Isaac Blocher is correct!!! you need to have cash in the bank. using the HELOC instead of your own money is the way to go!  You can write off the entire payment.  I use my HELOC as a checking account and funnel all of my money into the account. Buying down all the interest as fast as possible from my job and investments.  However I have my savings account on the sideline.  You must keep a savings account. Once the HELOC is payed down to zero I go out and buy another buy and hold property. This is a strategy that I believe nobody else is using! best of luck

Traditionally the HELOC is offered at the credit unions at the best rates. I have a HELOC on my primary residence at California coast credit union. The best heloc here in SD is through mission federal credit union. They offer 3.99 apr interest only with a 10 year draw and a 15 year pay back. This rate is attached to Prime + 0 with a floor of 3.99 interest only. They have no fees to open the account and the appraisal is paid for by them. Make sure that you have no fees associated with the HELOC this can really bring the value down. I would recommend going to your local credit union. Best of luck

I've used Mark Fienberg in the past.  He is very good and his office is downtown on 4th 36th floor.  sooooo expensive! 300 per hour or so but is top of his field. best of luck