Should I use my equity and heloc?
Hey everyone,
I have a fairly ignorant question, and have read a bit on the matter. But everyone’s situation is different and it’s hard to gauge this wild market so I wanted to put my question out there.
I have a house in Nashville with about $200k in equity. I also have a $40,000 heloc on that same property. I just moved out of it and started renting the property at about $800 cash flow/month.
i just moved into a 1958 home 15 minutes outside of Nashville with my girlfriend, and am renovating it. My question is- should I use my equity/heloc to invest in other rental properties, finish the renovation on this new property, or just leave it?
I feel like I have all this money just sitting there doing nothing, but maybe that’s what it’s supposed to be doing at this time due to the market volatility. What are y’all’s thoughts?