Updated over 6 years ago on . Most recent reply
Buying a house with a HELOC?
Hello all!
Recently I've established a HELOC to purchase a property to use as a STR.
I'm curious on the best way to do so and others experiences. Is it as simple as writing a check from the HELOC account? Or should I open a business checking under my rental LLC deposit HELOC funds then write check from LLC account?
How have you done it before?
About to have a property under contract.
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#3 Short-Term & Vacation Rental Discussions Contributor
- Rental Property Investor
- Tennessee Florida
@Eric McLaughlin. This is a question for a different forum but I’ll answer anyway.
You can even have the bank wire your heloc to the closing attorney.
Or write a check from the HELOC just like a checking account.
Talk to your bank person. And if you plan to do this purchase in your LLCs name talk to them about that also. You'll likely decide it's not worth it. Unless the HELOC is covering the entire purchase price. In which case I'd finance the property ASAP and pay back the HELOC.