Updated over 4 years ago on . Most recent reply
HELOC OR HOME EQUITY LOAN?
For those of you who have done it. What are the pros and cons you found when getting either of these. I am considering taping into my equity to buy my second investment property. My concern here is the monthly rate on the loan can devour my cash flow on the new property. How did you protect yourself from this and came positively on cash flow?
Most Popular Reply
@Hernando Quintero I’d highly recommend checking out a specialized first position heloc. If qualification is there, it will blow even a 15 year mortgage out of the water in terms of interest saved, cashflow. Plus you have access to 80% (up to 90%) of equity. My wife and I got one on our property in SoCal and I loved it so much that I left my job in Medical Sales to join a company that specializes in them. It’s been a great tool for us, and the flexibility for investors is invaluable.