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Updated over 6 years ago on . Most recent reply
To HELOC or not to HELOC? That is the question
So here's my situation: I live in Oregon but I invest in the Midwest because of prices in my area. I currently have 2 SFH rentals on conventional loans and would like to invest in another soon. I have nearly $300k in home equity in my personal residence and am contemplating using my open HELOC to buy another rental. I understand there are risks involved, but I feel it would be minimal since I'm only looking at using around $80k for the rental purchase. My questions are: recommend using HELOC or not? How hard is it to refinance into a conventional loan to get out of the variable rate of the HELOC? How long will I have to wait to refinance, if that is even possible?
Most Popular Reply
I'm in the same boat. My current house is worth 370k and on paper I only owe 125K on it. I've been seriously contemplating on the HELOC. Just afraid to pull the trigger!
Did you decide on anything?