Rental Property Investor · Passaic, NJ · Member since 2019 · 59 posts · 14 votes
Sup guys have a question so im thinking about taking a heloc out and using it for my next investment property normally i would like to do a cash out refi but since the rates are so high and i have a really good rate i rather go with the heloc, would love to hear feed back about this strategy.
Property Manager · NJ · Member since 2017 · 786 posts · 396 votes
4y
@Kevin Cespedes You may want to reach out to your lender (or a couple different lenders) directly to speak about your specific situation that would be your best answer, in addition make sure the numbers on the deal you're buying are stellar if you're goin to pull out the equity from another property for the purchase
Property Manager · NJ · Member since 2017 · 786 posts · 396 votes
4y
@Kevin Cespedes You may want to reach out to your lender (or a couple different lenders) directly to speak about your specific situation that would be your best answer, in addition make sure the numbers on the deal you're buying are stellar if you're goin to pull out the equity from another property for the purchase
Investor · Fairfax, VA · Member since 2015 · 1k+ posts · 801 votes
4y
Definitely do the heloc. As you mentioned you want to keep that low rate on your primary! There is no greater lever than the heloc as you can pay it down whenever you want without penalty.
Real Estate Broker · NY · Member since 2020 · 70 posts · 27 votes
4y
Thats exactly what I'm doing right now. I took the equity from my first rental and bought my second. Now I am taking the equity from the 2nd to buy the third. I'll do this until I have 5 houses then I want to buy a multifamily.