All Forum Posts by: David Almendarez

Realistically would banks actually find out if you get a HELOC on a investment property if you dont let them know that?

I own a single family home and its an investment property, how do i use that equity to get another rental if i have bad credit? whats the best kind of equity loan for this HELOC? Cash out refinance ?

@Greg Baca I'm 24 and just bought my first rental property I'll explain to you exactly how I did this. First I worked a lot of over time and saved up 20k. I posted on Facebook marketplace an ad that i will be willing to buy a home that needs work. I did that so that I can buy an OFF market listing well below value. Bought a house 3 bed 1 bath for 12k put another 10k for renovations and house is now valued at 57k. Make sure you get a cheap contractor who's not going to try to replace everything. It's a rental not a flip! Hope this helps.

Starting out and bought my first investment property cash. Only problem is I have low credit score due to staying out of debt and avoiding borrowed money. What's the best kind of loan to get to use the properties equity to get another investment property

Yea I just bought a home cash and I'm 24 and look young and when I go to the bank they never believe me at first that I own rental property it's annoying.