In this video, Chandler David Smith breaks down everything that you need to know about a HELOC (home equity line of credit), and shares how you can use one to fund a real estate investment.
He shares what they are, how you can use them, and when you may want to consider other options. There are several big benefits to HELOCs, as it allows you to take out money with close to no fees, and the interest rates are much more affordable than a traditional loan. If your house has gone up in value (like everyone’s in 2021) then you can take out up to your entire value of the home, minus the amount left on your loan. As a simplified example you can take out $300,000, when you bought the home for $400,000, but have paid off $200,000, and if the home is currently worth $500,000.
The chance you have to immediately access this money to buy more growing investment assets should definitely be considered. Many people feel like they need to sell their properties in order to keep growing, but with resources like this, you can grow your portfolio extremely quickly. The advantages to using a HELOC to buy real estate is the low cost, and flexible payback terms. The con’s are not nearly as strong as the pros in most situations, but HELOCs usually have flexible rates, and the rules are always changing, so it can be difficult to plan for financing costs. HELOCs are a great way to fund your initial approach into real estate investing, and is a fantastic option for those who have already built equity into their home. The money acquired can be used for anything, from remodels, renovations, downpayment, and more.
If you're interested in learning more about real estate investing, and you'd like to have one-on-one mentorship go to: https://www.chandlerdavidsmith.com/
Check out some other videos if you want to learn more about investing in real estate, building a huge passive income, or preparing for your own future home. Want to see all of Chandler's real estate deals? Real Estate Portfolio https://www.youtube.com/playlist?list=PLgBdAuQ6z2LUkikeMlF-WbFlWk63f9tA0
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