Home Equity Loan / HELOC

[Michael McNally]

Hello,

I have recently acquired a two unit property willed to me through a close family member (paid off). I'm extremely interested in restate and have been wanted to get into it for a long time but have lacked the capital. I'm looking to use the equity in my newly acquired home to invest in restate. I've researched both home equity loans and HELOC's but am leaning more towards the HELOC I think.

I guess my main question is what’s my best course of action? I know I am at a huge advantage and I want to ensure I make the right decision with the property I was gifted.

Thank you!

[Michael McNally]

@Bruce Lynn We're in Upstate NY, the banks usually lets us use HELOC's for rentals but it depends on the economy etc.