Down payment question

[Shane Albert]

Need a little BP advice. I won’t bore you with details of the property, but essentially I’m looking at a minimum of $1,000 a month cashflow with no improvements. If I were to purchase, I will easily be between 1,300-1,500 CF. Asking price is 260,000. I have negotiated down to 240k. The bank has verbally agreed to loan me 240k provided I can put 20% down (48k)+closing costa I have 25k ready and waiting to put into the DP. I could wipe out my emergency fund for the remaining but really don’t want to. What other ways can I finance the rest of the down payment?

[Caleb Culver]

If you currently have a property with equity, the HELOC is absolutely the way to go.