This is my first time on this board. . . usually over on the birddogging forum trying to learn all I can.
I have a question for you in the know regarding $. Today I got an offer for basically a fixed rate (5.9%) loan for amounts up to $35,000 from one of my credit card companies. I have great credit personally and was thinking of possibly using my own home equity down the line to do some deals. I carry no credit card balances, have no student loan debt, and the only debt I have now is my mortgage and a HELOC to pay off a car. I have about $19K on that HELOC that I want to first pay off with the eventually profits I will make. Then hopefully I can increase the line and use it for investing.
How many of you have used HELOCs, or credit card offers, or regular lending sources vs. Hard Money Lenders/private funds and what are the tips you could give me regarding this.
Hello, Your first choice is to always go with a traditional lender. The rates are better if your credit is good. A HML will have higher rates and is based on the project, not your credit. You should use a HML as a last resort.
I bought a rehab house on my credit card for $9000 with an introductory rate of 2.9% until April. This gives me time to fix it, sell it, or refinance it. im only about 3 weeks into the deal so i dont know how well its going to turn out as far as the credit card payments and all that. I am hoping to have the house done in 2 or 3 weeks, and sold within 2 months from now. I then want to try and get a credit increase, or find a place that i can essentially just pay cash for a house without paying closing costs.