Just starting out in real estate Investing, Should I use HELOC?
Hello my fellow investors,
Let me tell you a little about myself before I ask my question. I live in the Phoenix area and I am 35 years old and I just starting looking into real estate investing. I am a complete newbie and eager to make it. I already have a home that is estimated at around $550k. I still have a balance of $360k. I already applied for 2 LLCs (Arizona and Florida) so I can put my rentals under the LLC in order to protect my personal belongings. My question is, If I were to buy property using HELOC, Would that tie my personal house to my LLC. Meaning: If I were to get sued, since I used my personal house to get credit, would my house be up for grabs.
That was my whole reason for creating the LLC. So if it is up for grabs, I guess I will have to get financed another way.
Any advice will be greatly appreciated. Thank you.