With the new GOP Tax Plan now in effect for 2018 many people are wondering, “Can I still deduct. I love L.A., but my down payment back in 2007 was more than that. I was able to deduct my home.
But yes I want to pay the HELOC off as soon as possible so I can use it again for the next down payment on the next rental. I am toying with using the strategy of parking my 9-5 paycheck into my HELOC and paying all my expenses out of the HELOC.
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If you’ve built up equity in your primary. make a sizable down payment with money left over – you might also use some of it to make renovations or remodel your new getaway spot once the purchase is.
I want to pick up a rental property, I have the 5% downpayment and I want to pull another 15% from my HELOC – so I can avoid paying mortgage insurance. I spoke to my broker and she told me that I couldn’t take money from my HELOC to use as a downpayment.
Can I Use My Home Equity for a Down Payment? :: Physician. – If you have a free and clear car, lot, RV, a boat, or if you have some equity in your home, you can borrow against that asset, and you can go ahead and use that as an allowable down payment on the purchase of a new home. Is it a Good Idea to Put My Equity Into a Second Home.
As @jaganalyst pointed out, and I missed, you’re actually planning to use the HELOC as downpayment, and not as a cash for cash purchase. That will leave you with a fully leveraged property that you’ll have to pay loans and expenses for while it may not be rented. I suggest you reconsider your cashflow calculations for less than optimal scenario.