Updated about 2 months ago on . Most recent reply
HELOC On Investment Property
I'm considering a HELOC on one of my rental properties to use towards my next deal. The property is worth about $340k and the current mortgage is $140k. I'm considering $100k for the HELOC but I wouldn't necessarily use all of it towards my next deal, but figured it would be best to get the HELOC for as much as I could for the purpose of having access to it. I'd probably use about $50k towards the next deal. Does this make sense to get the HELOC for the higher amount knowing I may not use it all?