A little background which may be helpful:
I have done some buy, fix and sell in the past with moderate success.
I have 20+ yrs. of carpentry/contracting experience. However I know(from experience) time is of the essence and doing the work yourself is not usually the best option. Some of the past deals were done with my father using his cash which is no longer an option, one was with a bank loan which worked like the 203k which is no longer available and one was done with a hard money lender (that was about 5 yrs. ago)
I am employed (not the greatest job)
My credit score is 720-729
I would like to buy and hold.
My questions are:
Should I obtain a HELOC for as much as possible on my home and find properties that will work within those parameters?
Or should I obtain a lower amt. on a HELOC to use as downpayment and obtain the rest from a hard money lender?
How long would I have to own the property before I could re-finance into a 30yr mortgage and get the money back for another deal?
Will all of these loans in a short period of time kill the viability of the deal?
If the deal is structured so there is 10-20% equity in the property when all is said and done will the bank consider that in it’s decision to re-finance? (If I can get a bank to re-finance with an 80% LTV I could get all or most of the money back out is that correct)
I would like to have the ability to move from one deal to the next with as little time in between as possible. (my initial goal is to do 2 a year and work up from there, eventually being able to leave my current job)
I plan on calling the local community banks to see if they offer anything that would work for these deals but I doubt it at this time.(other than a HELOC)
Any advice or suggestions would be greatly appreciated.
Thank you in advance.