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Updated over 6 years ago, 09/10/2018

User Stats

95
Posts
31
Votes
Shawn H.
  • Investor
  • Carbondale, IL
31
Votes |
95
Posts

LOC for rental purchase

Shawn H.
  • Investor
  • Carbondale, IL
Posted

I'm considering getting a line of credit, on a rental property, to use for the purchase of future rentals. I would plan on using the cash flow, from all rentals, to pay off the line in 2-5 years, then repeat. I've found a lender that will setup the LOC. What should I be looking for as far as terms of the line? Has anyone used this strategy? If so, pros/cons? I feel I will be quicker at making offers, and realizing I will pay higher interest rates, but save on closing costs. Thanks

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