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Updated about 1 year ago,
HELOC for a down payment on unimproved land
Hello BP community! This is my first time venturing into the real estate world so I decided to get a little feedback from some of the pros! I have a primary residence that I have lived in for 2 and a half years with about 70K in equity. I am wanting to rent out said house and buy land where I can place an RV to live in until further notice. Recently, some unimproved land has become available and I want to jump on it but I would not have enough for a downpayment until about 8-10 months from now. My question is, am I able to and/or should I use a HELOC to pay for the down payment of the unimproved land? I am currently researching HELOCS but figured I'd post on here as well to streamline as much information as I can. Thanks in advance for any and all help!