All Forum Posts by: Michael L.

@Sasha Mohammed, thank you🤙🏼. By the way, what is a closed-ended 2nd? Also, what is a Heloan? An to be clear, for now I'm just learning how they work and how I can use them in different circumstances.

@Nicholas Ruscio, first, thanks for the info🤙🏼. Secondly, so you're saying that if you get a Heloc on a second home (not an investment), that they tend to give you a lesser loan to value?

SALUTE 🫡 BP Fam, I hope all is well this evening.. Question, is it hard to get a heloc on a second home (not an investment property) or is it treated like an investment property? Thanks in advance for all feedback🤙🏼.

SALUTE 🫡  BP Fam, I hope all is well this evening.. Question, is it hard to get a heloc on a second home (not an investment property) or is it treated like an investment property? Thanks in advance for all feedback🤙🏼.

@Mark Mazzucco, the plan would be to cash out refi the investment property to pay off the Heloc so wouldn't be holding it for to long (18months/maybe 24months). In that scenario, do you still see the Heloc being the cheaper way to go?

Thanks @Kerry Baird. The plan is to use the built up equity to get my foot in the door vs getting a whole new loan that I'd have to fund.

@Kerry Baird, thanks for the heads up.

@Irina Belkofer, thank you👍🏻.

@Dennis Muno, I appreciate the feedback. I am speaking on a Heloc for a personal residence for a potential investment. I wasn't sure if it was still considered a heloc if the property was paid off and if there was a better product to use in place of the heloc.