All Forum Posts by: Joseph Helms

Thanks! Great info! 

@Jack Orthman gotcha. Yea, makes sense. Thanks so

The input!

Thank you so much! Great info. I’ll check with the lender! Would be awesome to be able to utilize that for another investment! 

Note: This is my very first investment. I purchased a B2R in Cape Coral Florida. My financed amount being 231k but these are retailing for 310k... So if I see this correctly i could get a 2nd lien HELOC on this property and utilize that money for additional investments? Any advice is great! Thanks in advance.

my current interest rate is 2.74 . I am glad there are multiple ways for people to find success. 

Yes I park my money there (and actually use a 0% credit card to do offset accounting to speed up the process even quicker) and yes i did have about 7k in savings before moving it to the HELOC... BUT i instantly used that to purchase a car so it really kinda offset itself.

Our finances were so segregated into different things that once I decided to put all of our finances into the 1st Lien HELOC it really did and continues to do major damage. No it really isn't magic but really has been how the math has played out whenever I utilized 100% of my income into one place. Not everyone will see that kind of result for sure but it all depends on the situation and the terms of the agreement. in Oct when we closed our line was set at 205k with 80 LTV and we had a balance of 184k and as of today with just the adjustment of where and how we spent our money without any drastic changes we now have a balance of approx 168k.

I used SouthState Bank. it was a 80% LTV and they do a AVM appraisal (and knowing what i know now i would gladly pay the 500 for a full appraisal as my value came back crazy low). I got a line of 205k and at that time (Oct) my balance was at 184k and as of today it is hovering around the 165k range. Every bank will be different in there terms and conditions and understand what to look for is the most important part. It can be a bad bad deal if the terms are not correct.

I just shared my personal experience is all. It does not work for everyone. It works really well for me and my family. I don't mind if you don't believe me. 

I utilize a 1st Lien HELOC on my house. I would never go back to a mortgage. It is all about the terms of each individual bank. By changing nothing about our daily routine we have paid off over 10k on our principle sense Oct and we now have tons of equity that is at any moment in time mine to use for whatever i want and it doesn't cost me cash refi amounts of money to get it. I love this system.