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Updated almost 8 years ago on . Most recent reply
Can I get a HELOC on a property I just purchased?
Hi all
I was wondering if it is possible/advisable to get a HELOC on a property immediately after purchasing it?
What I was thinking about doing is taking out the HELOC in order to make some improvements to the property using OPM and hang on to my cash.
Given that I am putting down 25% on the property it seems like I would have enough equity to get a HELOC but I'm not up to speed on how HELOCs work.
If there is a better option to accomplish the same goal that you can suggest I would love to hear it. Thanks!