Creative financing: To HELOC or to not
Hello All,
I thank you in advance for any and all of your suggestions/advice.
I am a newer investor with 4 doors and I want to set myself up to purchase more properties. I made great decisions during the low interest rate time during covid. I have two properties both at a 3% interest and bring in great cash flow. I am wanting to pull a HELOC on both or one to get into a few more properties.
The SFH has over $100,000 in equity and the Condo has $60,000 in equity. I understand the con of the HELOC cutting into my cash flow because it will be a new bill on the property. I would be very clear on my criteria for the purchase of the next properties. cash flow with potential equity growth. What else am I not considering or simply unaware of with this current economy? I am looking for suggestions on banks for these HELOCs as well. I welcome any and all advice.