All Forum Posts by: Joseph Helms

Thank you so much for your response! ok so lemme answer some of these questions...

1. Yes i have a balance on my 1st lien of 160k but I close on my new HELOC at the end of March that will open up about 35-40k of added equity with a 90% LTV.

2. Yes I owe the 160k

3. Yes, i have access to approx 45k right now. i would like to spend no more than 40k as a 20%  down payment.  I am sorry about the confusion! Trying to get my thoughts onto a forum was not easy! lol

4. what is a "TK" provider? So you're saying to qualify for mortgages on investment properties and take that cash flow to put into my primary HELOC and not utilize rentals as 1st Lien HELOCs?

5. Thank you so much for the input! I'll be in touch. 

Ok so I'm just gonna go for it...i refinanced my entire mortgage into a 1st Lien HELOC so i got an 80% LTV that is interest only with a line of credit of 205k and i have a balance of 160k and a side note I got a horrible AVM on that line and I am refinancing again to get a 90% LTV with a full appraisal. So I have some lenders who I can purchase straight into a HELOC at 20% down at 175k and above. Question being...would it be a good idea to purchase a rental investment with a HELOC with an interest only payment and take the rent payment and role it straight back into my primary HELOC to make the cash flow on my primary go insane and really pay down that line (would pay off the line in nearly 2-3 years) and in the mean time just pay the interest only payment on the rental and then turn around and focus all efforts on paying down the rental prop and then utilize the Line of credit on the rental to get....more rentals lol. If this is nuts... just lemme know. Just starting out but I love the HELOC system on my primary so I wanna put this into place on possible investments.