First Deal closed. Question on LOC
Hey everyone!
After 2 years surfing BP i finally pulled the trigger and closed on my first multifamily property in upstate NY in a college town. I would like to thank BP and everyone for all tips and tricks. I have both apartments already fully rented for the Fall Semester, I am in the process of painting and doing minor repairs. My partner and I were throwing around the idea of taking out a LOC of around 5k which will cover floating the mortgage for the summer months since students dont move in till end of august. the mortgage taxes and insurance comes out to about 950 a month. So instead of bleeding out savings accounts floating the mortgage we thought about the idea of a LOC since the interest is tax deductible anyway. Please let me know what you think about this and if you have any tips or pros and cons. Thanks everyone!