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.
Your instinct is correct you want to use some of the $$ from heloc but you can get a great rate smaller mthly with investment loan. And leave the HELOC freed up.
Good Luck sounds like you have great deal
Your instinct is correct you want to use some of the $$ 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
[ Edited by zaidleen on Date 01/14/2005 ]
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
[ Edited by zaidleen on Date 01/14/2005 ]