Updated over 3 years ago on . Most recent reply
HELOCs on Rental Properties
Seeking advice from the BP world,
My husband and I are in a lull right now. Our jobs moved us back to Texas. We are waiting for our Baton Rouge house to sell while we live with my parents. We wanted to sell the Baton Rouge house so we can use the equity to purchase a new house eventually… the market has turned on us so we’re having a hard time selling but being patient.
My question is - We currently have one rental property in Texas. The lease is up at the end of December. Thoughts on us moving back into the rental while we have the opportunity to file for homestead exemption, live in the house for a year, and take out a heloc while we can (since Texas banks don’t allow helocs on rentals) and just have access to that money if we ever needed it? And then a year later or so rent the house back out and buy a home for our family but still have access to the heloc if we want to purchase another rental, or personal use.
thank you!!