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Updated over 6 years ago on . Most recent reply

Mike Joesph's profile image
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Mike Joesph
  • from Chicago, Illinois
  • Member since Apr 23, 2017
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Mike Joesph's profile image
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Mike Joesph
  • from Chicago, Illinois
  • Member since Apr 23, 2017
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Mike Joesph
  • Chicago, IL
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Innovative Strategies

Heloc to buy and hold?

Mike Joesph
  • Chicago, IL
Posted

Hi!  This is my second question what is the best way to leverage my 300k heloc .. I don't know if the flipping market is that good but the buy hold and investment rental market is amazing in chicago.. is it bad to let money sit in a positive cash flow property or should I refi in 2 years .. any thoughts would be great !

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John Woodrich's profile image
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John Woodrich
  • Flipper/Rehabber
  • from Minneapolis, MN
  • Member since Jun 23, 2016
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John Woodrich's profile image
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John Woodrich
  • Flipper/Rehabber
  • from Minneapolis, MN
  • Member since Jun 23, 2016
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John Woodrich
  • Flipper/Rehabber
  • Minneapolis, MN
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John Woodrich
  • Flipper/Rehabber
  • Minneapolis, MN
Replied

@Jacobus Rex I mentioned I was a CPA for that reason - I am probably the most active MN CPA on here. LOCs are definitely cheaper than HML and have many uses. Biggest advantages are what I mentioned earlier, low closing costs and you don't have to pay for money you don't need.

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