Updated almost 5 years ago on . Most recent reply
Noob HELOC question
Hey guys I want to start saying I'm a complete rookie when it comes to investing at the moment. I currently have a home in Arizona and I'm financing approximately $240k and the home is worth roughly $300k, I'm curious if this is enough to potentially even consider a HELOC? I don't have great credit (just under 700) but I really want to get started investing I'm hoping I could pull about $30k from the HELOC to use as a down payment on a potential rental. Is this even being realistic? And if so could anyone point me in the direction to getting a HELOC initiated. If more info is needed let me know.. thanks guys.