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Message
I need quick access to 75k-100k. What’s the best course of action?
Posted on 5/11/24 at 12:59 pm
Posted on 5/11/24 at 12:59 pm
I came across a house with some rental houses on the same property. We weren’t necessarily in the market for another home right away, but the price is hard to beat. I’m wanting to come up with a down payment for the new property but keeping my original house so we can rent that out also. From what I understand HELOC’s aren’t an immediate thing. Would a bank just loan me this money and use my home equity as collateral instead so I can get access to it quicker?
Thanks in advance
Thanks in advance
18
Posted on 5/11/24 at 1:08 pm to dualed
FFF
Friends, family, or fools
Friends, family, or fools
Posted on 5/11/24 at 1:14 pm to dualed
Let me tell you about a stock.
Posted on 5/11/24 at 1:32 pm to dualed
If you have a good bit of equity in your current home you could leverage it with a LOC; otherwise, maybe an angel investor can bend you over.
Posted on 5/11/24 at 1:36 pm to MrJimBeam
I’ve got just under 100k equity in my current home. I’d only need 77k and some change to come up with a 20% down payment. I imagine that’s doable. Could I offer on it and just have the HELOC finalized by closing time? Or would the realtor need something else ahead of time? Totally ignorant on this process.
Posted on 5/11/24 at 1:42 pm to dualed
Sounds like you can’t afford to do both. Pick one house. You don’t want to be attached to your rental anyway
Posted on 5/11/24 at 3:37 pm to dualed
You need to talk to your broker about options. You may only be able to pull a LOC outside the last 15-20%, for good reason. You’ll have to pay for an appraisal that hopefully goes well, too. So just because you have what you think is 100k to use, it’s not.
Posted on 5/11/24 at 3:57 pm to dualed
Do you have any other investments you could borrow against?
Posted on 5/11/24 at 4:41 pm to dualed
I know a guy that can help you
Posted on 5/11/24 at 5:10 pm to dualed
Why not sign a contract of sale contingent upon the HELOC. You should be able to get the HELOC done in 30 days.
Posted on 5/11/24 at 5:48 pm to dualed
The price is hard to beat yet you can’t afford it 
Posted on 5/11/24 at 6:14 pm to dualed
Do you have a substantial 401k balance and a rock steady employment status? Do a 401k loan.
Posted on 5/11/24 at 6:34 pm to dualed
quote:
I’ve got just under 100k equity in my current home. I’d only need 77k and some change to come up with a 20% down payment.
From a lending perspective, $100K of equity in a $300K home is one thing, while $100K of equity in a $600K home is something else. The percentage is what matters. What are you estimating the % LTV on your current home to be?
Next question: will you be able to support the payments on the primary home’s mortgage, this additional loan to make the downpayment on the secondary and also the mortgage or loan on this secondary property… at least until you’re able to rent the first house and whatever else you’d attempt to rent on the second property?
Last question (and it’s not loaded), how much experience do you have with rental property?
Posted on 5/11/24 at 6:45 pm to dualed
Did you slow down enough yet to ask why the price is "hard to beat?" Especially if you want to rush into something you don't seem you can quiet afford or putting yourself in a high risk situation?
Posted on 5/11/24 at 10:07 pm to dualed
I'll loan it to you for the 1st mortgage on the home at only 25 points per week
Posted on 5/12/24 at 6:27 am to Jag_Warrior
Update. We ain’t buying because the house was shite . Oh and it’s 100k equity in my home valued around 285k.
. Oh and it’s 100k equity in my home valued around 285k.
Posted on 5/12/24 at 10:29 am to dualed
(no message)
This post was edited on 5/12/24 at 10:31 am
Posted on 5/12/24 at 10:41 am to dualed
I only have my own experience to go on, but I would say no. I was buying a lot to build on and had equity in my home which was well in excess of the lot value. The bank still required a hefty cash down payment.
Posted on 5/12/24 at 12:11 pm to dualed
I have a friend that flips houses. He uses a heloc on his current home to come up with cash quickly when he needs for a down payment on another home.
Posted on 5/12/24 at 12:21 pm to dualed
quote:
I need quick access to 75k-100k. What’s the best course of action?
Checking account
I mean, if you can’t come up a with a quick 100k for a ‘can’t miss’ opportunity, you probably need to rethink what you are doing in life.
This post was edited on 5/12/24 at 12:27 pm
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