All Forum Posts by: Matt Wells

@Nicholas Field There will not be a mortgage. My partner will be providing cash.

@Pat L. My plan is to have my team manage the work. My partner funds 100% of the project and stays out of the day-to-day. We split the profit 50/50. I have already completed 4 deals with my team and am satisfied with the outcome. 3 rehab rentals and 1 flip. 

The plan is for my partner to fund 100% of the home purchase, rehab, and holding costs and we split the profits 50/50. My team will find the deals, rehab, and sell the properties. I plan on repeating this process indefinitely. I assume I will need some type of LLC. Has anyone done this before? Some advice and examples would be appreciated.

@Bob S. I like this approach! Don't overthink it! Just do it! Maybe I have a case of analysis paralysis. 

@Kevin Romines It does help! Gives me a few strategies to think about. Thanks!

@Tom S. Can you elaborate more on the income requirements? Is a W2 income preferred? Any examples?

I am interested in using a HELOC on my primary residence to flip a house. If you have experience with this, please provide your example with your process and numbers. It will help me get an idea of what it may be like and also help others who are interesting in doing the same thing!

@Terre B. Got it! Thanks! I’ll look into it.

Nobody can help? I think my post was a little long-winded. If someone can help answer I am sure this will help many people besides me! Let's get this conversation going!

Hello, BiggerPockets community. I am interested in using a HELOC to flip a house and repeating the process multiple times. What would really help me is a clear example with numbers of how this would work. Hypothetically, let's say my primary home is worth $350,000 and is paid off in full. I want to get a HELOC and use it to flip houses, one at a time, which would cost $150,000 total for home purchase and rehab. What is the average interest rate on a HELOC? What would my monthly payments be? What are the average fees associated with obtaining the HELOC? Can I pay off the HELOC after I sell the first flip and immediately use it to start another flip? Please provide an example using the numbers I provided and using the average costs and interest rates associated with a HELOC. I am sure there are some costs and processes I am forgetting so please include anything I left out. Also, if you have flipped a house using a HELOC, please provide your experience with your numbers as an example. Thanks to everyone in advance!