Updated almost 6 years ago on . Most recent reply
$80,000 Equity in my house
If I have roughly $80,000 equity in my primary house would it be smart to use that as a line of credit towards getting our first investment property? I work in the construction field as an electrician but am certified to do plumbing and carpentry. Would flipping be a better route?
Most Popular Reply
The unpopular answer is using a HELOC jeopardizes your personal home. If you make a bad investment, are you willing to lose your home? Many, many people made that bet in 2007 and lost. My opinion is that there is plenty of money available for deals without risking the roof over your family's head. By the way, I lost my *** in the downturn and I was lucky that I didn't lose my personal home.
Don't make that decision without thinking it through.
Good Luck!
Don't make that decision without thinking it through.
Good Luck!