Using Heloc for downpayment a good idea?

[Kumar Gaurav]

Hello

Is it a good idea to use HELOC from existing duplex whose equity is 500k ,to purchase a 4 plex worth 1.5 mil and househack? Appreciate your inputs.

Thanks

[Lawrence Potts]

Quote from @Kumar Gaurav:

Hello

Is it a good idea to use HELOC from existing duplex whose equity is 500k ,to purchase a 4 plex worth 1.5 mil and househack? Appreciate your inputs.

Thanks

I think it's an excellent idea. You have a lot of equity without any return, I think it would be wise to deploy it into the market. Especially if you're able to house hack. That's an easy win. Just consider how that changes your monthly debt. Connect with a lender and they can figure that information out for you. Hope that helps! Best of luck and let us know what you are able to put together.