Updated 4 days ago on . Most recent reply
HELOC should or should not
Hello everyone I am pretty new when it comes to investing and I was hoping that you guys can give me some advice regarding HELOC. So I currently own a home for a few years now, and the equity has gone up quite a bit. I was thinking about getting a HELOC out of my current house to put as a down deposit for a long-term rental or multiple rentals. Do you guys think this is a good idea or do you think I should save up money from my current joband use that as a down deposit for a house instead of getting a HELOC.
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Nicholas L.
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Nicholas L.
#1 Out of State Investing Contributor
Pro Member
#1 Out of State Investing Contributor
- Flipper/Rehabber
- Pittsburgh
save up
a HELOC should be used short term - if you use a HELOC for a down payment the rental will not be able to support all of the debt
good luck