Heloc or no heloc.. that is the question

[Laura Gomez]

Hi all!

This will be kind of a long post but just looking for some input on what would be best after I expose my plans.

I currently live in Las Vegas and am planning on moving back to California by mid 2021. I own a townhome here that I owe $110k on and have about $80k of equity at the moment. When I move I plan on keeping this townhome and renting out.

Considering that I am going to relocate I am wondering if I should pull that money out to use as a downpayment on a property in California and rent it out in the meantime until I move back down or to just leave that equity alone. I do have “savings” but it’s money I have working for me. I have some invested in flips, some out as loans, some invested for a monthly return.. this money I could use as a downpayment when the time comes to me moving back. Not sure what the best route to take is.

Thanks for reading. I’d appreciate any feedback.

[Laura Gomez]

@Dylan Vargas I’ve been looking at properties but haven’t made the move yet just cause I’m undecided on what money I will use to purchase. And also I should buy sooner than later as right now I have a job and when I relocate I plan on getting more into flipping and I am also getting my real estate license.

The California house I would want to rent out until I move down. The current property I have has an fha loan. Been there for 3 years. I’m looking to do a 5% conventional loan for the California property. I have pretty good credit and also want to get a duplex or something along those lines.

As you can see, I’ve had a lot on my mind and just too much thinking going so I gotta narrow it down like you say.

Thanks again!