Updated about 7 years ago on . Most recent reply
Starting out: HELOC and LLC
Hi everyone, I am pleased to part of this community. I am just starting to get my buy and hold real estate investing career of the ground and need some advice. I have been doing a fair amount of research over the the last year and have learned a great deal. Now it's ready for action (I think).
My situation: I own a home without a mortgage and am looking to obtain a HELOC for 180K. My credit is good and the loan should not be a problem. The rates through First commonwealth credit union seem to be the best after calling a few banks etc. It almost seems too good to be true. HELOC 180K at a 3 year fixed interest only payment of 1.1% then will increase to 4.49% for the rest of the 10 year duration of the loan. Should I run with this deal, and also I want to start an LLC. How do I obtain the loan and "put it through" an LLC? I know these are basic questions, but I want to start right and make this venture a successful reality.
Any other things I should be doing at this early stage?
I appreciate your advice.
Regards.