Feedback on HELOC needed for wife's blessing!
Happy 4th of July!
I'll get right to it: my wife and I want to buy a foreclosure SFH towards the end of the year but only have money saved up for renovations
, not enough for the down payment. We're looking to buy in the 60-80k range and I wanted to use a HELOC for down payment but wife is not too stoked about it. Talked with our banker about HELOC's and seem pretty straightforward. I wanted to get your opinion on HELOC's And go from there. If there are more pros than cons I'm pretty sure I'll get her blessing!! If not, we'll go a different route! Thank you so much BP fam for your help and have a safe 4th!!
Most Popular Reply
Thanks @Josiah Cooper
Of course you can't overlook that big negative, but it is my opinion to acknowledge the pitfalls, but not be handicapped by the fear it presents. If you only focus on the negative and don't take a look at the positive, then it's hard to get started. I have a business partner who is terrified by risk and would rather have cash assets instead of leveraging OPM and it's hard to convince him otherwise lol. I sure hope you can sell your wife on a bright financial future with RE investing. It can make life a lot easier for you guys if it pans out as expected. Best of luck to you too.