All Forum Posts by: Kayla Eresman
Kayla Eresman has started 1 posts and replied 3 times.
Post: HELOC to fund Multi-family Downpayment?
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Medicine Hat
The reason we are looking more closely at the 6 plexes is because the returns are much better. We are are also considering a commercial residential mix property with a fantastic cash flow. My thought process is we could essentially treat the HELOC like a mortgage on the property that will be paid off in June.
Post: HELOC to fund Multi-family Downpayment?
- Posts 3
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We are located in Alberta Canada if that makes any difference.
Post: HELOC to fund Multi-family Downpayment?
- Posts 3
- Votes 0
Hey everyone, I'm fairly new in the world of real estate investing and I could use some advice.
We are looking to expand our real estate portfolio with either a 4 or 6 plex, or a commercial building. We have a single door rental worth about $320,00 that will be paid off on June 1, a half duplex that is worth 260,00 with a $120,000 mortgage and our primary residence is worth $650,00 and has no mortgage. We also have $350,000 in invested cash earning around 6%. What's the play here? Should we front the downpayment from our investments or do a HELOC against the house worth $320,000? Or is there a different avenue that we haven't explored?
Thanks in advance for any help!