All Forum Posts by: Sean Daugherty

I have been reading articles, listening to podcasts, and attending webinars for what seems like forever. I feel I have identified my niche and strategy (buy and hold SFH using BRRR), I've mapped out a plan (secure private money then cash out refinance) , I've analyzed deals, and I'm eager to take action. I've tried to reach out to another investor (hoping he can become my mentor one day), a real estate agent, a banker, and a mortgage broker in hopes of making a connection, furthering my education, and potentially building a network. I've only received one cold shoulder, but the others suggested I get in touch with them in a few weeks or months. The agent suggested I contact him after I've been pre-approved, hinting that I'm not serious enough. The investor suggested I get hooked up with an agent and start analyzing deals. What say you?

I don't plan to use traditional lending for my first deal, but maybe the right bank will have an option I could use. I feel like the people I've talked to that I personally know have directed me to contact someone else. Am I looking in the wrong places? Do I not have my ducks in a row yet? Help my out Bigger Pockets. 

Thanks for the great insight. I appreciate it. 

Thanks for the response Edward. Am I correct in my understanding that I would typically only receive 70-80% of the equity I possess in a HELOC? So two years into a mortgage would not give me much equity to work with. So while there wouldn't be a minimum amount of time I'd have to live in my home, the longer I live here and pay off my mortgage, the more I'd likely be approved for, correct?

This is my first post outside of the newbie introductions, so I apologize if this isn't in the correct forum. I've been listening to podcasts and reading forums and articles for what seems like forever, yet there are still several aspects of investing I have questions about. I've tried to personally reach out to some real estate professionals I know, but I feel like I've been brushed off. If I can't talk to people I actually know and can meet with, I hope Bigger Pockets will be able to help.

My biggest obstacle to getting started has been understanding my financing options. My two-prong question is about HELOCs. 

1. We have lived in our home for about 2.5 years now. We have a private mortgage with a family member, but we have no official documentation showing we have a mortgage. If I were to apply for a HELOC, how would the private mortgage affect my equity in the house? Do I have to live in my home for a minimum amount of time before banks would consider giving me a HELOC?

2. I plan to set up an LLC for investing. I assume I would not be able to receive a HELOC on my primary residence through an LLC, but is there a way I can transfer it to an LLC once I'm approved? Is there any way to minimize personal risk while still using a HELOC?

Are my questions showing my ignorance? Do I not understand HELOCs as much as I think? 

Thank you for reaching out to me. I would love to connect locally. I see your profile says you have experience flipping. I'd love to learn as much as I can about the business, especially if it can be from someone in my own backyard. I'll definitely keep in touch. 

Hey I'm a newbie from Tallmadge, Ohio. I have no real estate experience as of yet, but I have been listening to podcasts and reading blogs and books like crazy. I've started ramping up my efforts the past few weeks to prepare myself for my first deal. I'm interested in single-family and multi-family homes and hope to make my first purchase in the next 6 months. I want to learn more about financing and analyzing deals before I feel I'm ready. Looking forward to being part of such a great community.