Updated over 3 years ago on . Most recent reply
H E L C O on a condo
Hello,
Want to get a heloc on my condo that has no mortgage, what do you think about that with rates so high. The reason why I’m thinking about it because my equity is really high and will come down as the rates increase.
Most Popular Reply
@Javaras Thomas what is your plan? Like @Matthew McKee said your equity is being lazy. However if you do a cash out now you are paying for the equity a heloc you have the closing cost but no real cost till you drawl on it. Don't worry about the rate worry about the deal and your path forward. Since you don't have a deal lined up I would go the Heloc route. They are cheap and like a big credit card if you use it pay it off if you don't just keep it in the wallet just in case.
A strategy I use is a LOC to acquire and close quickly and then after stabilizing refi if I need the money out for another deal.
Go find some deals and crush it!