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Creative Real Estate Financing

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Rick L.
  • Investor
  • Saint Louis, MO
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198
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Line of Credit?

Rick L.
  • Investor
  • Saint Louis, MO
Posted Aug 26 2013, 06:38

A close friend of mine in the banking industry has pointed out that I should open a line of credit using a recent appraisal of a property I had refinanced demonstrating considerable equity. He's stated I would be able to attain about a $40k line of credit using the properties' equity. He's stated to me that the line of credit is similar to a credit card, but I'm able to write checks for whatever I want.

I have no experience with using a line of credit, but would welcome others experiences and opinions.

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