Using a Heloc on a Rental Property
Hello Everyone,
My name is Kiuny, I've been living in Florida for about a year now but am originally from New Jersey. I'm getting ready so I can start investing in the Tampa/St. Pete area hopefully before the year ends. I'm currently reading David Greene's book on the BRRRR method, but with the market being so hot I'm looking at a Plan B in case I can't get a house for 75% of ARV all in.
Would using a heloc with an 8% interest rate be smart in the long run to buy a rental assuming it cash flows. My worry would be the interest of the mortgage and the interest of the heloc.
Thank you!