All Forum Posts by: George Callicoatte

The One Brokerage owned by david greene just rolled out better products for HELOCS on investment properties, I'd reach out to them and see what they can do. Given that you've already done two remodels, if you are confident in the numbers then I'd say go for it and use the HELOC to do the remodel. Perhaps you consider doing this one as a straight flip, to build up some capital and reserves, as opposed to keeping it as a rental? (Not sure if that was your plan or not).

Christian, thanks for your reply and reaching out to a new investor.

These are all great avenues, but trying to land on the correct one is the issue for me.

I am very good at remodeling homes and seeing the diamond in the ruff and what is needed in order to repair a home and the cost and labor that goes with that, I have grown up around this. The home that I am looking now to remodel is just that! it's a great buy from every angle, from the cost I can purchase this home to the amount of repair needed.

Where I struggle and fall short is making the correct decision in knowing what type of funding to go with to purchase a property that is most advantageous, with such low fluidity at the moment and not put myself in a financially burdened position. At the same time not losing out on a great opportunity for another investment property, because I did not try hard enough!

@George Callicoatte- Make sure you have enough cash before you make the next purchase. Cash is the lifeblood that will allow your rentals to survive. However, there wouldn't be anything wrong with looking at this point into getting a HELOC on one of your existing rentals. Some banks do them, not many.

Thank you very much for your reply, Ryan. Knowing that cash is the lifeblood that allows rentals to survive, I do a good job of saving money each month for repairs on my first rental and have fully renovated the home down to the studs by myself as I grew up remodeling homes so that hopefully it doesnt need much repair for several years.

Having lots of cash on hand for my second rental has proven to be more difficult, in this economy and ever-growing inflation with just our W2 income. So I am looking for more creative ways to get the funding I need to bring this second rental property to fruition. Thank you for the HELOC strategy I will be reaching out to my bank this morning for more info on this.

Thanks again for reaching out to a new investor, with your knowledge and guidance that is trying to get on their feet and provide a better life for family!