Help ! Need Advice On REO Purchase

I just need everyone's opinion. I have the opportunity to purchase a rather inexpensive rental property......tenants are already in place.....very little repairs needed. Here is my dilemma, I dont know whether I should buy the house using my HELOC where I have a prime rate or whether I should purchase by way of another commercial loan and use the HELOC for downpayment. My reasoning behind the latter is so that I can hold on to the LOC for future property buying. Your advice is greatly appreciated.

Comments(5)

  • zaidleen13th January, 2005

    Your instinct is correct you want to use some of the $$ from heloc but you can get a great rate smaller mthly with investment loan. And leave the HELOC freed up.

    Good Luck sounds like you have great deal

  • zaidleen13th January, 2005

    Your instinct is correct you want to use some of the $$ from heloc but you can get a great rate smaller mthly with investment loan. And leave the HELOC freed up.

    Good Luck sounds like you have great deal

  • zaidleen13th January, 2005

    [ Edited by zaidleen on Date 01/14/2005 ]

  • zaidleen13th January, 2005

    Your instinct is correct you want to use some of the $$ from heloc but you can get a great rate smaller mthly with investment loan. And leave the HELOC freed up.

    Good Luck sounds like you have great deal

  • zaidleen13th January, 2005

    [ Edited by zaidleen on Date 01/14/2005 ]

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