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Updated over 6 years ago on . Most recent reply

Stepheni Larson's profile image
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Stepheni Larson
  • Member since Jul 29, 2018
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Stepheni Larson's profile image
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Stepheni Larson
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Stepheni Larson
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Personal Finance

How to use HELOC to buy rental property?

Stepheni Larson
Posted
Hi, I’m interested to learn of it is possible to use HELOC to pay the 20% down payment (60k) for a rental property that cash flows, with my fully paid off primary residence (220k)? How does it work? Thank you!!!
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John Warren
  • Real Estate Broker
  • from 3412 S. Harlem Avenue Riverside, IL 60546
  • Member since Apr 17, 2015
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John Warren
  • Real Estate Broker
  • from 3412 S. Harlem Avenue Riverside, IL 60546
  • Member since Apr 17, 2015
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John Warren
  • Real Estate Broker
  • 3412 S. Harlem Avenue Riverside, IL 60546
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John Warren
  • Real Estate Broker
  • 3412 S. Harlem Avenue Riverside, IL 60546
Replied

@Stepheni Larson either option works, but I would use the HELOC. The interest is tax deductible (check with your CPA) and you retain your cash. You might even be able to deploy the cash in a few more months to another property!

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