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All Forum Posts by: Will Chamberlin

Will Chamberlin has started 7 posts and replied 181 times.

Private Lending & Conventional Mortgage Advice

Post: Is it wise to use a HELOC to fund a down payment?

Will ChamberlinPosted
  • Rental Property Investor
  • San Rafael, CA
  • Posts 190
  • Votes 90

I think it really just depends on your risk tolerance. I recently used my HELOC to pay cash for a SFH in a great neighborhood out of state because it meant we got the deal and could close in two weeks. We are now going to do a delay financing or HELOC on the new house to get most of the money back out (70%) then just pay off the rest of the HELOC with w-2 income. The cash flow takes care of the payment and the house is already rented so the risk was fairly low for me. If you can cover the HELOC and the numbers work, I am a proponent. Not a lawyer or accountant, though. YMMV.

0 Votes