How to Pay Off Your HELOC

Corey: My fiance is a real estate agent and she has closed some deals. We have some money saved up as well that would actually be able to pay off the HELOC. But I just don't know what the best case scenario would be for us. He says you should put it back into the equity of your home, pay off that loan, but keep the door open. Corey: Think about how many hours of work it would take to build a earn $1,200. Also think about what else could you invest that money in that would get you more than 200.

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You want cash flow, but how do you get it in a housing market with high rates and home prices but low inventory? Or, how do you escape the rent cycle and get into real estate investing? Should you buy your first rental before a primary residence? And what financial position do you need to be in to leap into homeownership? When starting your real estate investing journey, questions like these seem to have no end. That’s why we’ve got David Greene, experienced investor, agent, broker, and author, to help guide you to the answers.

Welcome back to another Seeing Greene, where your tips, flips, and financial freedom-finding host, David, is here to help you build wealth through real estate investing. We’ve got questions from investors, renters, and homeowners trying to take their first step into the rental property investing world. First, we talk about tenant-friendly states and how house hacking can allow you to dodge many of these harsh landlord laws. Next, we hit on some HELOC (home equity line of credit) questions about when to pay off a HELOC and whether using one to buy a rental is a good idea. Finally, David talks about growing your financial foundation and how to systematize your business, so you AREN’T working sixteen-hour days. All that and more, coming up!

Want to ask David a question? If so, submit your question here so David can answer it on the next episode of Seeing Greene. Hop on the BiggerPockets forums and ask other investors their take, or follow David on Instagram to see when he’s going live so you can hop on a live Q&A and get your question answered on the spot!

In This Episode We Cover:

Tenant-friendly states and whether they’re still worth investing in

How to find “quick” cash flow in today’s real estate market

When (and when NOT) to use a HELOC to fund your down payment

Buying a primary residence vs. rental property and building your financial foundation

When to pay off a line of credit and recycling the funds to buy more rentals

Systems you MUST put into place to free up time, do bigger deals, and get more done

And So Much More!

Links from the Show

Find an Investor-Friendly Real Estate Agent

BiggerPockets Youtube Channel

BiggerPockets Forums