If you don’t have the cash for a 3.5% down payment, just rent and wait until you do. The HELOC might be a low or no cost option to draw, but you’re still paying interest on any of it that you use.
Hi Kris, I have a question about the Heloc option and buying another primary residence. I just bought a home in December with a FHA loan and my home has increased in equity substantially. My question is should I use my HELOC to purchase my next home and rent this current home out after the one year mark and if so should I open a business and not put it in my personal name? I get so confused about that, I want the tax write off and benefits but, I’ve heard you shouldn’t have too much in your personal name. Thanks!
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If you don’t have the cash for a 3.5% down payment, just rent and wait until you do. The HELOC might be a low or no cost option to draw, but you’re still paying interest on any of it that you use.
Forgot to mention PMI if you don’t put down at least 20%.
But the heloc only if your credit score is eligible
and then there's a thing called a credit score
Great video. Well presented and very informative.
Love this video!
I’m 16 years old watching vids like this 😭
Same 💀💀
Sell and 1031 into a nice house with an ADU..in Texas..rent out the ADU
Hi Kris,
I have a question about the Heloc option and buying another primary residence. I just bought a home in December with a FHA loan and my home has increased in equity substantially. My question is should I use my HELOC to purchase my next home and rent this current home out after the one year mark and if so should I open a business and not put it in my personal name? I get so confused about that, I want the tax write off and benefits but, I’ve heard you shouldn’t have too much in your personal name. Thanks!
Gotta get a llc then
Great video! Very well presented
I've recently called to quote a heloc and everyone is telling me they aren't doing helocs at the moment.
Very helpful!
What if my mortgage on house #1 is higher than rent rates for the area? Does it make sense to rent at a loss for a period of time?
This question!
I love you Chris.
I thought he has $140k equity instead of $ 40k.
They won’t let you borrow your full equity.
1st 🥇