What to do w/ a $175k HELOC - Starting Out
Hi all,
I'm in the SF Bay Area and looking to do some investments possibly out of state with a turnkey company. I have no cash readily available; however, I have a $175k HELOC available to me from the equity form my primary residence. I don't anticipate having any problems securing a conventional loan. So my question to the BP community is:
What would YOU do with that HELOC if you're just starting out?
Some tid-bits:
- I am a buy-and-hold guy
- Looking for cash-flow to eventually replace my "work" income (10-15 year timeline)
- As I said, targeting out-of-state investments, so I'll be securing a reputable team to help manage the properties (thus possibly going turnkey)
I realize that I might get 50 completely different responses, but I don't mind thinking of things I never would have considered being a newbie.
Thanks for your time and input!