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Updated about 7 years ago,
HELOC on personal home to buy rental
Sorry, pretty green here... I've got around $175k in equity in my personal home. I've easily been approved for a $75k HELOC. I'm working on finding/buying my first rental property and the HELOC would be my main way to finance a deal. Is this a smart way to do it? How would I figure the HELOC payment into my end monthly cash flow calculation to ensure it's a good deal? Any other advise/recommendations?