Updated over 5 years ago on . Most recent reply
What to expect? Pay off my house, get HELCO to invest
Hello everyone! I am looking for some insight on a potential plan that I have come up with. My wife and I have a few rentals, all setup as land contracts. I currently work a day job which ties up a lot of time. I plan to invest more. We are very conservative and steadily set money aside. My proposed plan was to pay off my house with what I have saved and get a line of credit. My house is also on a land contract. I can pay off the 30k, and if I understand correctly I can borrow 80% of the value through the heloc which is much more than I have saved. Once the loan is secure I could quit my job and have time and funds available. Now, I’m always looking for privately funded deals but I feel that this would give me an extra form of funding if needed. My question is the process. If I pay off the bank, do the title work, how soon until I can apply for the loan? Is an in person appraisal involved? And is this all a terrible idea? We are just looking for the next step in our investing career. Thank you in advance for your input!