Ajay, I saw you responded to my question if you wasn’t sure and you never heard about it all in one loan since you haven’t heard about it, I’m curious have you looked into it and what are your thoughts?
Hey man! Thanks for sharing what you know. I’m new to real estate investing but I have a triplex I bought 2 years ago. My plan is to get a HELOC (I have about $200k in equity) to purchase a 8 unit property. I do not have much extra cash so my purchase would be entirely based on my HELOC. I’ve heard that after I use my HELOC for the down payment, I could then do a cash out refinance and use that to pay back the HELOC and basically use that system as a “rinse and repeat” method. It seems like doing it this way could ensure that I can pay the HELOC back quickly which should minimize my risk? I also don’t anticipate the interest rates going up too much within the next year so when I Cash out refinance, I should be able to at least get close to the same interest rate, maybe even a bit better? I know it is much more of an increased risk but I feel like the sooner I do this the better. What do you think? Is there anything I’m missing? Any and all advice is appreciated! Thanks!
Thank you for the explanation. If I get the 100k Heloc , do I have to pay only interest or I have to pay both interest and principal? Please reply thank you
Interest only for 10 years. You can pay or add extra towards the principal balance monthly. And after 10 years you cannot borrow anymore from HELOC and you will have to pay the interest and the principal balance monthly. This is my understanding I hope this help. Thanks!!!
Ajay, I saw you responded to my question if you wasn’t sure and you never heard about it all in one loan since you haven’t heard about it, I’m curious have you looked into it and what are your thoughts?
Hey man! Thanks for sharing what you know.
I’m new to real estate investing but I have a triplex I bought 2 years ago. My plan is to get a HELOC (I have about $200k in equity) to purchase a 8 unit property.
I do not have much extra cash so my purchase would be entirely based on my HELOC. I’ve heard that after I use my HELOC for the down payment, I could then do a cash out refinance and use that to pay back the HELOC and basically use that system as a “rinse and repeat” method.
It seems like doing it this way could ensure that I can pay the HELOC back quickly which should minimize my risk? I also don’t anticipate the interest rates going up too much within the next year so when I Cash out refinance, I should be able to at least get close to the same interest rate, maybe even a bit better?
I know it is much more of an increased risk but I feel like the sooner I do this the better. What do you think? Is there anything I’m missing? Any and all advice is appreciated! Thanks!
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@@JayCosta Hey Jay, it looks like you replied but unfortunately I can’t view the video.
Thank you for the explanation. If I get the 100k Heloc , do I have to pay only interest or I have to pay both interest and principal? Please reply thank you
Interest only for 10 years. You can pay or add extra towards the principal balance monthly. And after 10 years you cannot borrow anymore from HELOC and you will have to pay the interest and the principal balance monthly. This is my understanding I hope this help. Thanks!!!
@@27monsanthank you so much
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