Using HELOC for purchasing rental property Vs. house flip
Hi all, So I recently got approved for a HELOC of 70k from my primary residence. I am just starting out in real estate but financing a home is very difficult. I have been thinking of using a Heloc to cover the down payment of a new home plus some repairs in my own home and then I can handle everything else from there. I make a little over 100k a year so I know ill be able to pay everything back. it was just the down payment plus everything else at one time making things difficult. I think I'm definitely going to use the HELOC for a down payment however I have heard HELOCs are better used for a flipping situation as opposed to buying a rental property. any thoughts or past experiences with this? also looking for any other good ideas to use the HELOC for. open to any suggestions.