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Updated almost 8 years ago on . Most recent reply

User Stats

205
Posts
66
Votes
Brad E.
  • Investor
  • Athens, GA
66
Votes |
205
Posts

Can I get a HELOC on a property I just purchased?

Brad E.
  • Investor
  • Athens, GA
Posted

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!

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