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Updated over 1 year ago on . Most recent reply
Approved HELOC Rate
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!
Most Popular Reply
Have you found a suitable property in those areas that would get the nightly rate you’ll need? Don’t be driven by the price point you want to buy in, be driven by the property that makes sense and work to save up for it, if you have to. Your logic makes sense but does the property?