All Forum Posts by: Richie Schembechler

Brand new to BP other than listening to many podcasts.

Self-employed and have been using most extra income to reinvest in my business to grow it. I'm curious on thoughts surrounding using HELOC/ IRA/ Roth money to purchase rental property if I find the right opportunity vs delaying for a while to save up extra cash.

We have about 80-90k in equity in our residence and another 60k in IRA's/Roth. I was originally just considering converting my IRA to Roth while it still makes sense with my income and current tax code before thinking about real estate.

We aren't in a hurry or desperate to make a move but I am curious of thoughts. Our current residence will end up being a rental upon our next move in the next 2-3 years which makes me think a HELOC will happen at some point if not now anyways.

My main concern would be using HELOC on personal residence to make first real estate investment, not as concerned with the Roth/IRA but still don't want to make a big mistake on the first one.

Any guidance or help would be appreciated.