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re: Information for my fellow Real Estate Investors
Posted on 4/11/17 at 1:17 pm to thatguy777
Posted on 4/11/17 at 1:17 pm to thatguy777
quote:
You're way ahead of me, but I look forward to getting to this point.
It is addicting once you get going and a great way to invest money for both long term and short term gains.
quote:
Just to clarify, you are paying cash for these homes with the LOC?
Correct. On flips, we use the LOC to buy/rehab the home. When sold, pay back the LOC and keep the profits. On rental prospects, buy/rehab the home with the LOC and after 60 days, roll into a more fixed product (mortgage).
2
Posted on 4/11/17 at 1:21 pm to stevengtiger
Is your LOC secured by anything, like maybe the house you're buying with it?
Posted on 4/11/17 at 1:22 pm to stevengtiger
I don't see a bank getting me a LOC at that amount yet. That's my issue. I have a HELOC set up and need to go talk to them about an unsecured LOC. Did it take a while for your LOC to grow to what it is now?
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