Looking for advice on heloc
Looking for some advice on what I should do with a 235k heloc. Should I buy a single family / duplex outright with the heloc or should I use it for a down payment on something bigger such as a 4 plex?
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Caleb Brown
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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Caleb Brown#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Real Estate Agent
- Kansas City
I would buy a property that you can refi to pay off the HELOC. When you use the HELOC as a down payment your cashflow is slim to none, it will be eaten up. If you use the HELOC to buy a value add property then refinance into long term debt then that'd make sense. The refi will pay off the HELOC so you can repeat