Approved HELOC Rate

[Brandon Del Boccio]

Hey all, happy Friday! 

I was approved for a non term HELOC loan for 100k at 7.5% variable rate. Looking to start my first short term rental in the Saint Augustine/butler beach/crescent beach area. For those of you who have done it before, what should be my price range I should stay in when purchasing a new property? I would prefer to not use the entire 100k and also I want to have at least 6 months of reserve in the HELOC. This way I am prepared if we do not make enough money to cover mortgage and other expenses.

Would love any feedback, really appreciate everyone’s help!