All Forum Posts by: Vinny Incognoli

Yes I definitely understood that once you use it you start to pay interest. 

That is why I asking if it is better to have one payment towards the HELOC as opposed to paying the HELOC and a mortgage. I have enough equity to pay for the short term rental.

Thank you for the response. Would a better option be to use the HELOC to purchase the short term rental in full with no mortgage?

Is it wise to take a HELOC on my primary home to for the downpayment for a short term rental property? I would have the HELOC as well as mortgage to pay. What are the pros and cons to this approach?

The HELOC would be a variable interest rate, correct?

Hope all is well. I own one rental property and am looking to purchase another. I refinanced the property around five years ago to help with the down payment for my primary residence. The current condo I own is non-warrantable which eliminates utilizing traditional loans. What would be the best approach to purchase another rental property? Do I refi my condo again? 
Take a line of credit on my primary home and buy a property outright? Thank you for your time, efforts and advice. 

Hope all is well. What is a simplistic software to assess current property as well as keep track of finances such as profit? 

Thank you

@Ben Einspahr thank you for the reply. I appreciate it. Yes that is correct, I would like to keep the current unit and purchase another. I like the rules that you utilize for determining whether to keep a property or not. I would be interested in speaking with your connection in reference to different products offered. Thank again. 

The property is located in Englewood Colorado. It was warrantable when I  purchased it then became non warrantable over time as the community had more investor owned properties than owner occupied. 

Hope all is well. Has anyone dealt with a private lender that could help with a line of credit for my non warrantable condo? I am hoping to utilize the line of credit to purchase another unit. I am open to other suggestions as well. Thank you for your time and efforts. 

@Jeff Nash thank you for the input. I have to look further into the aspect of rolling over some of my TDA into the self directed 401K with HR as you stated.

@Lee Burns that is a good question. I have been researching other properties and looking at numbers and will continue to do so. I just do not know if it is wise to give up my current property. The ideal goal would be to keep my current property and purchase another. I am trying to figure out how I am able to meet that goal. I appreciate your input.