Best for me? Cash out Refi, or Heloc

[Andy Ballester]

I own a duplex out right. Value may be between 70 and 80 thousand. And another half duplex worth about 40 to 45 thousand. Owned outright. Both in the Pittsburgh area. I have a family member (Grandfather). Who has some back taxes on a commercial warehouse. (10,000$.) 3200 square feet, which he has agreed to sell me for 35000. Market value probably between 50 and 60 thousand. At this time I do not have the funds. But I did give 3000$. So property did not go up for auction. (Signed contract). I would like to get 50000 in cash to finish this deal. And some start up cash for my next deal. And I would like to pay back loan within 7 yrs also. Personal Finances 8000 cash, 5000 credit card debt. TSP savings about 25000. Credit Score 720. Job Salary 55000. Also cash flow from the units approx 15,000. No loans or debt on property. So wondering what the fastest easiest way to come up with cash. And interest rates aprox. I need to close deal quickly my job as a merchant marine requires me to be out of town 9 mths a yr. So what is quickest,fastest,easiest, way to pull out equity. Cash out Refi, or Heloc. Thx in advance. Keyword alerts Pittsburgh , Allegheny County. FYI property is in central PA. Lebanon Pa. Plan is to rent, lease, or realse of property once deal is complete. Thx. BP community.

[Christopher Aleman]

I'd go with a HELOC because it's a lot faster than a cash out refi and you're talking about using it for deals down the road. So you get to withdrawal when you need it which prevents you from paying interest on money that you're not using yet.

www.valuepenguin.com/cash-out-refi-vs-home-equity-loan-vs-heloc