All Forum Posts by: Bob Riedlinger

Thanks Bryan!

It's in the high six figures

Thanks Bryan,

What we are envisioning are what you described as small projects that cash flow well and may need some minor remodelling. We are in Greensboro, NC and are looking for properties that would rent for $800.00-$1500.00/month, so houses that are selling for $70,000 to $120,000

Thanks guys. They asked me what I was using the HELOC for and I answered truthfully. Not my wildest dreams did I expect the answer I got!

No my Primary Residence is not held in my LLC. I am going to try again after Thanksgiving.

The 3.99% rate seems very attractive. Does anyone have any comments on this rate?

Thanks again everyone!

Bob

Hello everyone.

My wife and I have just formed a 2 member LLC. It is our intention to buy residential single family homes as investment properties to generate cash flow.

It is my intent to use my home which is completely paid off as a Home Equity Line of credit to purchase homes and then once I am done, roll that over into a fixed rate 30 year mortgage on my home.

I bounced this off of my investment advisor, lawyer and accountant and they all agreed that it was the way to go.

I called Schwab today to get the ball rolling. They are offering 3.99% financing on Home Equity Lines. I described my situation, and once I brought the LLC into the conversation, they said they could not help me because they would in effect be providing capital for a business.

I was/am flabbergasted. Am I going to run into this with other institutions as well?

I would greatly appreciate advice from someone on how to get started given my financial position.

Thanks,

Bob