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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 1:42 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 3:57 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 6:45 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 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
Posted on 5/13/24 at 9:09 am to dualed
If you have $100k in equity you probably can't borrow $100k or even $75k on a heloc without being way over the loan to value ratio the bank would be okay with. In texas I think HELOCs are limited to 80% LTV, not sure about other states.
Posted on 5/22/24 at 5:06 am to dualed
quote:If you have >$100K in an accessible securities portfolio, you can draw a loan (SBL) against that.
I need quick access to 75k-100k. What’s the best course of action?
Posted on 5/22/24 at 8:59 am to dualed
How quick? If you're going to rob someone you probably need to research and case the joint? You could always go in guns a blazin but this isn't the wild wild west.
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