How to Use a Line of Credit or HELOC to Buy Investment Property

[@UrAshWhole]

Can you combine (refi?) the HELOC and the new home loan together into 1 mortgage?

[@nicksantangelo9083]

Closed on a heloc to fund a down payment on a short term rental property that cash flows $3950 a month, after mortgage, utilities an other expenses the monthly profit is $1,667 a month. I split that 50/50 with my business partner an use most of that money to pay back my heloc

[@CoyiaOfficial]

when paying back your heloc, I understand its interest only so do you pay back what you owe or does the amount keeps going higher each month even after you've paid on it? I hope this makes sense! I'm currently getting a heloc and trying to figure the best way to use it

[@nicksantangelo9083]

@@CoyiaOfficial my monthly heloc payment is both an interest an principle payment. So some goes towards Interest an some towards the principal balance. Check with your lender an see how your monthly payment is broken down. Right now my monthly payment is $315 a month, but With so much passive income from the rentals, i pay $600 a month to really knockdown my balance. Hope this helps!

[@adot610]

Great info thanks bro!

[@rickmitchell3703]

That was a great presenation. Thank You.

[@user-kf1np6yr1s]

100 percent accurate, going through that myself right now and they(lenders) even compete with each other to match each other’s offer

[@rodneyzephirin7193]

I have a home fully paid and a second home I use as a rental property. I wanted to get a Heloc to use as a down payment for another long term rental property. I understand the variable rate and rates are high right now but since I really have no expenses I wanted to get the home and rent it out. I understand that I may be paying out of pocket for a while but eventually the rent should take care of the property. Do you think this is a good idea? Also I work at a hospital full time and make 6 figures a year

[@LeoCampos2]

These informations are like gold! Thank you!

[@scooter10421]

Thanks for the great advice.

[@DIY4CFH]

How do people find these undervalued properties for instant equity?

[@josephwhite7646]

Even if I could find someone that would give me a heloc which I probably can I have good credit my dti would be to high at that point that nobody would give me a third mortgage for an investment property. So how would I convince banks to give that to me because i already have a roommate that helps with bills

[@AccountBull]

Great work Henry I see your come up!!

[@scottkidd1969]

Well said, we are looking into all potential lines of credit at this time. There are a lot of opportunities opening up. Thank you Henry Washington.

[@santiagobenitez6818]

Gold nugget’s dropped

[@deelee55]

Interested in know more about home equity loans. I hear a lot of HELOCs being used but not Home equity loans… any thoughts and why? Thanks for the great content!

[@CoyiaOfficial]

home equity loans you have to pay as soon as you get it. heloc you only pay for when you use it.

[@pawelbronski9102]

Thanks! Can I get HELOC against my rental (not primary)? It’s paid off.

[@hamiltonborden2400]

Should be able to!

[@ESSHD]

Yes.

[@beninwarrior3500]

Yes

[@juliezejnel3778]

you just blew my mind Henry! I was wondering how you pay off the principal ..... duh cash out refi or flip.