Hi all. Hate to start on a cryptic note here, but my father passed away about a year ago. When that happened, I inherited a condo (free and cLear) which appraised for about $165k. I would like to use it to buy another property which I plan to rent out and hold. I have a handful of things I’m unclear on and can’t find anyone to answer! Hence the post. I have a loan officer telling me he doesn’t recommend a heloc because of the variable interest rate, but when listening to the podcast, I’ve heard the guys favor a heloc and it just seems like the top choice of people I’ve talked to in similar situations. I’d like to buy a multi family home but don’t really know what my budget should be because I don’t exactly know how much I’ll have to put down.
What are the pros and cons of each type of loan, and is it possible this loan officer would make more money if I took a conventional loan over the heloc?
