Updated over 7 years ago on . Most recent reply
HELOC or Cash out Refinance?
Here's my situation I have rental property that is clear and payed for and I took out a HELOC on it and I bought a house that is a foreclosure with the HELOC and I am currently fixing it up and I should at about 45,000 completed and a ARV of about 105,000. I would like to keep the house for the long term. I'm looking at about 1050.00 a month for rent. So the question is should I do a cash out refinance on it or do a HELOC and just pay back my other one with the rent I know that Wells Fargo HELOC has the fixed rate terms for a portion of the HELOC for 10 or 20 years. But with Either strategy I would have 30-40K more money to work with in the future. I should be able to get about 70k with either of the above