All Forum Posts by: Lukas Parsons

@Jibu Vergis This is good information. The prospective HELOC property is my primary residence.

@Matt T. This is exactly what I was looking for. Thank you. I still need to learn those types of principles. Like that 80/20 rule of thumb. Thank you!

@Anthony McEvoy Thank you. That's exactly the perspective I was looking for. I wanted to hear both sides from someone with some experience in this. I appreciate your feedback.

@Anthony McEvoy Also, are you saying to use the HELOC as a down payment or to pay for the full project? (Full Purchase + Rehab)

@Anthony McEvoy thank you for your response! That's a great idea.

So I'm in a unique situation where I own a property worth around $213,000 that is paid off. No mortgage. I also have access to about $30k cash through a bond that I can tap into. I have not yet purchased a rental property ever. My question is this: should I be focusing on tapping into that 30k for down payment and rehab on a property? Or should I be looking for deals where I can use a HELOC to minimize my personal cash investment and improve cash on cash roi? Thanks for your responses.