HELOC-vs_home equity loan

[Erwin McClain]

Hello everyone,

I'm looking for opinions & thoughts. I 'm currently looking to purchase my next property and i'm on the fence between a HELOC & a heme equity loan. I've been working on getting about $80K out of my HELOC with a homestead loan built in for rehab, my lender suggested a home equity loan now for pretty much no money out of pocket for about $30k which would ultimately make my payments lower. Purchase price would be about $250k for the property.

Suggestions are appreciated,

Thanks,

[Erwin McClain]

Quote from @Ghassan Jabali:

Hello Erwin,

I hope you're doing great. A HELOC or Equity Loan can be advantageous to help with extracting value from your property to then purchase your next property. We may recommend checking on what the interest rates may be and reviewing the numbers carefully before proceeding. We would also recommend looking into Trusts or LLCs if you have not done so already for asset protection and anonymity strategies.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

 Thanks Mr. Jabali, I am looking into the protections