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Innovative Strategies

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Mike Joesph
  • Chicago, IL
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Heloc to jump start cash flow ?

Mike Joesph
  • Chicago, IL
Posted Apr 23 2017, 09:30

Hello! I just got a heloc for 300k.. I figured I have a lot of equity in my primary why not put it to good use .. so my question is should I take some of this and pay off another one of my investment condos.. if I take out 100k (amount I still owe on investment condo)from heloc and pay it off it would only cost me $400.00 a month.. however then I would be able to enjoy the full $2500.00 rental income finally!!? Opposed to waiting 8 more years until it's actually paid off..any advice?

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