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Originally Posted by sperbonzo
Smart to use the cash to pick up foreclosure properties, but do NOT take a HELOC!!! That is a VERY bad idea IMHO. I have seen WAY too many people screw up with that. Don't leverage a property purchase if you don't have to.  |
Yeah, it would have to be a REALLY good deal I couldn't pass up and I couldn't get the cash elsewhere. It's already been taken out - took it out about 2 weeks after I bought the house so I'd have access to my downpayment if I ever needed it. It's only about 1/3 of the actual equity in the house so even if I went totally bust, I could still sell and cover it.
But again, it would have to be a VERY good deal where someone needed the cash immediately and I had no other liquid funds.
