All Forum Posts by: Bryan Smith

it's really tempting because they make it sound like a revolving line of credit.

If you tried to get the money for the repairs directly from the first mortgage, the rules are strict.  But they are also straight forward.  I had a deal similar to this fall through earlier this year.  But I didn't have a problem from the lender.

The lender did insist on estimates for all work from 2 different general contractors before closing though.  That turned out to be a good bit of work for me.

I don't see any disadvantage to a 2nd/HELOC other than the risk that it might fall through. Then you'd have the house and not the money for repairs.

I need block foundation, floor joists, and subflooring estimates for a rehab deal I'm trying to put together. Can anyone recommend a contractor that actually answers the phone?

I've had good experiences with Andy on Call.  You can google them.  Their estimates are always low at the beginning.  But they do good work.

I buy multi-family residential real estate.  4 units so far.