Creative Real Estate Financing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 6 years ago,
what to do AFTER using a Heloc to purchase rental
I have used a Heloc from my primary house to put a down payment down on a rental. I got that far. Now, however, I can't find any articles/guidance as to how to pay the mortgage and the Heloc. I know to put my salary into the Heloc account so I avoid the interest charges. But...can anyone point me in the right direction of podcasts/blogs etc..that discuss the steps/pros/cons of what to do next? For example, do we use the cash flow (about $350 a month) to put into the Heloc so I can stop putting my salary in there. Or do I use the cash flow to pay down the mortgage faster? Our rate is %6 which I think was a cruddy rate considering we have great credit. That makes me want to pay it off as fast as possible. Thanks for your advice.