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HELOC (by MessManager [IN]) Jun 8, 2023 12:31 PM
       HELOC (by tryan [MA]) Jun 8, 2023 1:19 PM
       HELOC (by Deanna [TX]) Jun 8, 2023 1:33 PM
       HELOC (by Vee [OH]) Jun 8, 2023 2:53 PM
       HELOC (by Richard [MI]) Jun 8, 2023 2:55 PM
       HELOC (by Barb [MO]) Jun 8, 2023 4:07 PM
       HELOC (by plenty [MO]) Jun 8, 2023 6:37 PM
       HELOC (by MikeA [TX]) Jun 9, 2023 11:01 AM
       HELOC (by WMH [NC]) Jun 9, 2023 12:48 PM
       HELOC (by Busy [WI]) Jun 9, 2023 2:57 PM

HELOC (by MessManager [IN]) Posted on: Jun 8, 2023 12:31 PM

I need a referral for financing company who will do HELOC or low balance mortgage under $75,000. I do not have a w-2 income. I will not get a blanket loan. I am buying 4 houses with large rehab needed from an Estate. I can cash flow purchase and rehabs but I do not want to go that low in savings. --98.97.x.xxx

HELOC (by tryan [MA]) Posted on: Jun 8, 2023 1:19 PM

I have had no luck getting a mortgage wo a w2.....and I haven't had a w2 in nearly 20 years ...lol. For such a small amount how about a couple cash advances from credit cards? --198.168.xx.xxx

HELOC (by Deanna [TX]) Posted on: Jun 8, 2023 1:33 PM

I got a 5-year loan against a paid-off house when I tried that path. It was obnoxious. I paid it off as fast as I could and told myself never again.

difficulties: the house was owned by the single-member llc. I had to personally guarantee the loan. And since I didn't have a w2 income, my husband needed to personally guarantee me. We were trying to keep him separate. But if you have a spouse who has a w2, you might be able to do it.

Extra difficulties: we had to give a full accounting of all our personal assets every year. Bank balances, property addresses, etc. Also, the house with the loan against it required a specific insurance. They dictated the policy, and who we bought it from. It was not the cheap kind. We had hoped to transition the 5-year loan into a longer-term vehicle, but nothing was available. It was what it was. The house was worth 2x the loan value, and we only took 2/3rds of the money we were eligible to borrow. When we paid it off, it took them about 3 months to release the lien. --172.58.xxx.xxx

HELOC (by Vee [OH]) Posted on: Jun 8, 2023 2:53 PM

Go east to the next state to purchase lottery tickets, use winning numbers for quick results? --184.59.xxx.xx

HELOC (by Richard [MI]) Posted on: Jun 8, 2023 2:55 PM

Ask local mortgage brokers for leads to hard money lenders. They don't care if you have a job or even bad credit. It's all about the value of the properties. --172.58.xxx.xxx

HELOC (by Barb [MO]) Posted on: Jun 8, 2023 4:07 PM

Second the credit card usage.

Are any of your existing cards offering a balance transfer option for 18-24 months at zero interest? You can pay the 3-5% fee to transfer the amount you need for the rehab into your bank account, then make payments on it for the term of No to low interest.

By the time the No interest period is over, the rehab should be finished and you can finish the payoff with rent or resale. --149.76.xxx.xx

HELOC (by plenty [MO]) Posted on: Jun 8, 2023 6:37 PM

I've always used zero percent credit cards. I am the Queen of running those offers! Cheap if you play the game --172.59.xxx.xx

HELOC (by MikeA [TX]) Posted on: Jun 9, 2023 11:01 AM

I would check around with some smaller regional banks and CU's. The problem with hard money and credit cards is both are going to charge an exorbitant interest rate.

Many banks are pulling back HELOC's so I wouldn't get hung up on that. Likely, you can get a small commercial low doc loan with a 3 year balloon easier than a HELOC in the current banking situation. I went this way for a few years before I quit getting loans altogether. My banker would do prime+1%, no fees, and able to close in as little as 24 hours, 5 year balloon. --209.205.xxx.xx

HELOC (by WMH [NC]) Posted on: Jun 9, 2023 12:48 PM

We opened a Pledged Asset Account with Charles Schwab, amounts and terms etc based on what you have to pledge in your brokerage account.

Quite pleased with it, easy to use, easy to pay off and then it remains open for later.

Now that interest rates are so high, probably won't use it except for 1) emergency or 2) the perfect deal - which is what you want a HELOC for anyway. --50.82.xxx.xxx

HELOC (by Busy [WI]) Posted on: Jun 9, 2023 2:57 PM

Fourth to credit card zero percent. If you need more credit cards, look on Credit Karma, or other credit ( ??? What would these be called? Credit tracker companies?) Anyway, look for offers, and apply for multiple cards all on same day. Youíll wreck your credit in the short term, thatís why apply all on one day.

Keep a VERY careful list of when these zero rates end, and be sure to pay them off before the end. Iím not buying more properties, just paying off debt and getting properties in very good shape for now, so Iím just transferring from one zero interest rate ( or low rate, like 1%) to another as they expire.

Be sure to watch the spending. Easy, easy to scope-creep a project with credit cards, then you donít have the cash flow to keep up.

When I first started using cards to buy/renovate, I quickly took my Transunion and Experian scores from 850 down to about 550! But, I paid on the cards with highest utilization first, which improved things a bit. Wonít ever see an 850 credit score again, we have no more mortgage or car loans. But, Iíve managed to get back up to 750 Transunion and Experian. The reason to care about credit scores for purposes of this discussion: card companies adjust your interest rates, credit limits, and balance transfer offers accordingly.

I also keep a list with due dates for all of my bills, mark with highlighter in a column when each card/utility/tax is paid. I pay minimums on all bills as SOON as the bill is available, then when all bills are satisfied for the next month, extra cash goes to either highest utilization, or next to expire, depending on if any of my utilizations are in a spot where they are pulling down hard on credit score. --172.58.xx.xx

Subject: RE: HELOC
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