All Forum Posts by: Nicholas Arcidiacono

I would probably buy the next property - especially if paying off the heloc would prevent you from doing so. You can pay down the heloc over time, and interest rates will probably crest in the next 6 months to a year - so I would look at the high heloc expense as more of a temporary thing, and the new income property as more permanent.

You are almost always going to have debt hanging around somewhere... and it's tax deductible (not that that is an excuse to carry it... but at least a consolation).

All the best!

Randy

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Hey BP community.

Here's my situation, 2 years ago I got a HELOC on my home to fund my 1st rental property. All went good, I got the property and it's been cash flowing since. The problem I'm facing is that the HELOC at the time had an introductory rate of 1.9% for the 1st year... there after its adjustable. The latest payment on the HELOC was just over really high and I fear it will continue to eat into my profits. So my question is, should I pay that HELOC balance off now? I have the funds however I was planning to use those funds for my next investment property. Any input/thoughts would be appreciated. Thanks.

Nick

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Thanks for the feedback Richard.

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Upstate New York, New York

Has anyone every used LegalZoom to create an LLC for their Real-Estate business? If so what was your experience and would you recommend going that route for creating your LLC?

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Upstate New York, New York

All Forum Posts by: Nicholas Arcidiacono

Nicholas Arcidiacono has started 4 posts and replied 15 times.

Post: Should I payoff my HELOC that has an adjustable rate?

Post: Should I payoff my HELOC that has an adjustable rate?

Post: Should I payoff my HELOC that has an adjustable rate?

Post: Using LegalZoom to create LLC

Post: Using LegalZoom to create LLC