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HELOC Lenders (Shred Method)
Hey BP,
Do you know of any HELOC lenders that lend on investment properties? Preferably interest only and above 80% LTV.
While the market is stalling a little my wife and I are considering the "Shred Method" to pay off some of these properties faster. Has anyone used this method? I understand most of the interest rates we have now are minimal so we will likely keep paying the minimum balance each month. However, we are considering attacking the higher loan amounts and the loans with a higher interest rate? I understand the net profit amount would be higher if we continue to leverage and scale, but there is something to not having a mortgage on half or all of our portfolio that interests me from a psychological standpoint. My wife and I own 4.5M worth of RE and have about 1.75M in equity. Good problem to have but I want to start paying off some of these loans to increase cashflow and make us impenetrable during a market downturn. Thoughts?
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Real Estate Agent North Carolina (#309381)
- 336-601-6995
- http://www.investinthetriad.com