Great video, thanks for putting it together. The importance of the exit strategy and "it's not free money" is a great reminder which I have not heard others mention yet.
I do tend to be more conservative than other UA-camrs. But this aint free money it has to be paid off. And the longer it takes, the more risk you are taking. Thanks for watching, much appreciated!
Here in Canada you need to be more in touch with the average person who currently is using cards to live and stay off the streets. Not saying its right but varriable is better than the other in order to live if thats what you have to do to put food on the table and shelter over your heads for your family. " So pay it off where the money is " when there is no money is then you are incorrect@@JayCosta
Hmm my family and I are planning on getting into real estate and buying a new property. But our current home actually does need repairs like the bathroom and roof. My plan is use 30k on my HELOC for my repairs first before I buy a second house. I make a little over a 100k so I’ll def be able to pay it off within the year.
Repairs or renovations? Repairs would mean leaks or something. If you just mean putting in a new bathroom I would rather see you use it in real estate. I made a video on whether or not you should use a HELOC on home repairs, etc. Check it out here: ua-cam.com/video/LLtDHJFB7qw/v-deo.html&t
@@JayCosta well the bathrooms are genuinely in bad shape and needs to be redone. Maybe it is a renovation but My dad is a contractor so we get the work for cheap so I’ll definitely be able to pay it back rather quickly. It’s just a lot paying it all cash at once when I can just pay it off over the course of a few months.
I want to get a heloc for an investment property but I have so much debt. My credit score took a dip too. I am not sure I would even get approved. Isn’t it better to consolidate so that you have even more capital available. I’m just afraid if I get another property I’m in another hole where I owe more than I can pay.
I have a heloc right now with a balance of $63,000 and current interest is at 8%. I have also a mortgage with a balance of $48,000 with a current interest rate of 3.25%. Which one should I pay off first . The best move or to save money and interest . Thank you
No, I temporarily used my HELOC instead of selling stock that I already had. Slowly selling off the stocks and using to pay off heloc. Thanks for watching!
Thank you for your time! Just bought my 6th rental all cash with my line of credit. Paid 130k appraised 150k 🙂. Planning on paying back on 1 year.
Nice job. Thanks for tuning in!
Great video, thanks for putting it together. The importance of the exit strategy and "it's not free money" is a great reminder which I have not heard others mention yet.
I do tend to be more conservative than other UA-camrs. But this aint free money it has to be paid off. And the longer it takes, the more risk you are taking. Thanks for watching, much appreciated!
Short term? I get that but people need tro know varriable is still better than a 22%+ interest on any card . Thanks for the vid
just pay it off no matter where the money is. Thanks for watching!
Here in Canada you need to be more in touch with the average person who currently is using cards to live and stay off the streets. Not saying its right but varriable is better than the other in order to live if thats what you have to do to put food on the table and shelter over your heads for your family. " So pay it off where the money is " when there is no money is then you are incorrect@@JayCosta
@@cryptojohnny7781 I saw the pictures of Costco chicken there being $200. Is it that bad?
Hmm my family and I are planning on getting into real estate and buying a new property. But our current home actually does need repairs like the bathroom and roof. My plan is use 30k on my HELOC for my repairs first before I buy a second house. I make a little over a 100k so I’ll def be able to pay it off within the year.
Repairs or renovations? Repairs would mean leaks or something. If you just mean putting in a new bathroom I would rather see you use it in real estate. I made a video on whether or not you should use a HELOC on home repairs, etc. Check it out here: ua-cam.com/video/LLtDHJFB7qw/v-deo.html&t
@@JayCosta well the bathrooms are genuinely in bad shape and needs to be redone. Maybe it is a renovation but My dad is a contractor so we get the work for cheap so I’ll definitely be able to pay it back rather quickly. It’s just a lot paying it all cash at once when I can just pay it off over the course of a few months.
Mahalo for Hawaii
I want to get a heloc for an investment property but I have so much debt. My credit score took a dip too. I am not sure I would even get approved. Isn’t it better to consolidate so that you have even more capital available. I’m just afraid if I get another property I’m in another hole where I owe more than I can pay.
Assuming you are referring to consumer debt like credit cards, pay that off first before doing anything. Thanks for watching!
I have a heloc right now with a balance of $63,000 and current interest is at 8%. I have also a mortgage with a balance of $48,000 with a current interest rate of 3.25%. Which one should I pay off first . The best move or to save money and interest . Thank you
Pay off HELOC first with the higher and variable rate! Thanks for watching!
How about if you have 110K equity on a rental property and need to take out to consolidate debts and are cutting up all your cc??
Check this video out: ua-cam.com/video/TtT_rAhGYvY/v-deo.html
Question?? Can you use bank statements for heloc?
Depends on lender. Most need bank statements, but also proof of income. Maybe I will make a video on my research on this topic. Thanks for watching!
Hi Jay I have 3 Helocs. how about me Im in a risk for 2024 ....
Please advice
Just having HELOCs is no risk, how you use them is another story. Thanks for watching!
Bitcoin is safest asset to me 💁🏼♂️
But aren’t you also use heloc for stocks?…..thanks for your videos🙏
No, I temporarily used my HELOC instead of selling stock that I already had. Slowly selling off the stocks and using to pay off heloc. Thanks for watching!