Updated over 4 years ago on . Most recent reply
HELOC vs cash out for STR
Just looking for some advice. My wife and I are looking to buy our first STR and we currently have a HELOC on our primary residence that we are wanting to utilize to cover some cost of the down payment. After looking at a cash out refi it will raise my monthly payment by $1000 which is quite a bit. The homes I am looking at are making around 100k a year so I think I would be able to pay off the HELOC in a year or two max I'm just not sure what the best/safest option is
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@Sean Harris Personally I prefer the HELOC. You'll only be paying on what you use and there won't be any closing costs like you'd have with the cash out.