HELOC to Start? First time Investing
I am brand new and I’m afraid to borrow against the newly acquired equity in my home. Almost complete on the inside of an extensive renovation of a 150 year old farmhouse in New England. I still have the the majority of the outside of the home to repair and update.
Not sure if I should get a Heloc on the property to buy my first rental or wait a year or so until I am much closer to finished? Worried the market could dip and I could loose out.
Help! I feel paralyzed on what my next move should be.
Most Popular Reply
@David Alberts hi David i worked at a bank for years and a heloc is a strong tool. The beauty of this line of credit is you only pay on what you borrow so you can have the line of credit open and ready to go and borrow when you're ready or have property that makes sense! Usually you'll have to pay an annual fee of 50 to a 100 a year for the line but all the closing costs are taken care of by the bank