All Forum Posts by: Ivory Hayes

Check with US Bank. If you're buying under your business there's a commercial product they offer that allows for 20% down.

I for one am in support of utilizing a heloc vs any other method of accessing cash. Loans just aren't a better product in my opinion. With a Heloc you can access and utilize the money over and over again without having to reapply for it every time you need it. The payments are extremely low because it's an interest only payment. If you utilize a heloc correctly and make it your new checking account, by sitting your monthly income inside of it that, it alone acts as the monthly payment, plus anything over the monthly interest payment gets applied directly towards paying down your principal. So the next month your payment will be lower than it was the month before because you're being charged interest on the remaining balance every month not the total amount of funds received. You basically have a diminishing monthly payment and more of your funds go towards paying down the principal every month and you can access the money right away if you need to. To me it's just a far better tool and strategy to use but again, that's just my personal opinion and everyone is entitled to their own.

Happy Investing...

A decent national lender has been US Bank. Check with them on their products. FYI, you might also want to look into a HELOC as well.

Happy Investing...

Try US Bank. They usually have a good heloc product.

Happy Investing...

@Nicole mentioned some really good points, as well as everyone else on the thread and one of them was having the pot of cash to recycle over and over. That being said, do yourself a favor and look into a personal line of credit (as well as the personal loan you mentioned) and do your homework on a home equity line of credit (as well as the cash out refi you mentioned), especially if the property will have lots of equity built in. This normally requires you to utilize the property as your primary for a period of time before utilizing it as a rental. However, both of these options allow you to rinse and utilize the cash again and again. Just food for thought.

Happy Investing...

I wonder why you would create more debt for yourself..? Just use the heloc ad your new checking acct. Sit all your income in there and pay bills out of it as needed. If you have us bank then you probably have a card to swipe and checks. If you don't then you can acquire both but the thing that makes more sense to me is simply to pay down the line of credit extremely fast by utilizing it as your new checking account.

For Example, if you have a payment of around 750 on the heloc, but you got paid 4000, just deposit the 4000 in to the heloc as a payment. 750 will be used toward your interest payment and 3250 will be used to pay down your principal on the heloc. (You have to tell us bank that you want the 3250 to go towards principal though, for some reason they tend to not automatically put it there. Don't ask me how or why that happens 😏). Then let the money sit in there everyday until you need to pay whatever bills you pay from that money. You can pay it by card or check directly from the heloc. Everyday that money sits in that heloc account it drives down the interest accumulated on the remaining balance, since the balance is smaller than what it was prior to the deposit made. Your interest on that heloc is accumulated on a daily basis not monthly, so at the end of the month when the next bill is generated you end up paying less of a payment because your balance is less (from sitting the extra funds in the account) and the interest owed on that lower balance for the next month will be less. You'll have a depreciating monthly bill every single month utilizing this method. Plus, the money is still there for you to utilize again if you need it. It's not like a loan where once you make your payment your can't have access to that money again. It doesn't sound like you need the money right this minute anyway, it's for future investment use right..? So you'll just be paying down interest, cutting your balance significantly each month and you also have access to the money again with it being a revolving account.

Anyway, I hope that made sense. If you'd like to speak more about it send me a pm and we'll exchange numbers.

Happy Investing...

Well said Michael...

Jackie, I'm currently going through this situation with my LLC. I may or may not be able to add some value to your situation. PM me if you'd like.

Happy Investing...

I'm not too familiar with those areas. I invest in different cities and states but I know that's where Juan Pablo resides and thought that getting in touch with him might help. Just trying to add value wherever I can...

Happy Investing...

In Georgia seek out Juan Pablo. He's an investor/broker. He's got a website called 100percentfinanced.com. He may be able to assist you in Georgia.

Check with us bank. They may have what you are looking for.

Happy Investing...