Updated over 3 years ago on . Most recent reply
What my best option ?
Hi, I'm in the Tampa Bay Area and I'm looking to purchase another property. I was looking to do a HELOC on my primary residence to fund my purchase. I need some advice is this a good strategy or should I rent my house out apply for a conventional loan and use the brrr method to scale my portfolio. Thanks
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Corby Goade
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Corby Goade
#2 Private Lending & Conventional Mortgage Advice Contributor
Property Manager
Agent
Pro Member
#2 Private Lending & Conventional Mortgage Advice Contributor
- Investor
- Boise, ID
I love the HELOC option, done it many times myself. My goal is to buy properties that I will be able to refi and pay off the HELOC in a year or less, so I want to feel confident that I'll have at least 25% equity within 12 months.
Good luck!
- Corby Goade