#76: Is It a Good Idea to Use a HELOC to Invest in Real Estate?
Real Estate Investing with Coach Carson
Chad Carson
4.9 • 613 Ratings
🗓️ 17 October 2019
⏱️ 9 minutes
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Transcript
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| 0:00.0 | Is it a good idea to use a he lock, otherwise known as a home equity line of credit, to invest in real estate? |
| 0:08.0 | That's the question for today's episode of Ask Coach, and the Real Estate and Financial Independence podcast. |
| 0:26.0 | My name is Chad Carson. |
| 0:27.2 | You can call me Coach, and it's great to have you here today. |
| 0:30.1 | This is a show all about investing in real estate, achieving financial independence, |
| 0:34.7 | and doing more of what matters. |
| 0:37.1 | Today's episode is sponsored by my free |
| 0:39.2 | real estate investing toolkit, which you can get at coach carson.com forward slash newsletter. |
| 0:45.0 | Toolkit includes goodies like my deal evaluation worksheet, which has the formulas I use when I'm |
| 0:50.8 | buying a property, has all the information I use when I'm negotiating and basically anything to help you when you're buying a property. And then once you get ready to close, I have a closing checklist that has all the steps and things you want to make sure you remember before you go close on a property. And I've learned that to the school hard knocks. I keep adding to that checklist whenever I forget something. And it has other goodies like there's personal financial worksheets and some other things |
| 1:12.5 | to help you get focused as a new investor. |
| 1:15.1 | So you can get all of that for free at coach carson.com forward slash newsletter. |
| 1:20.9 | So now let's get started with a question of is it a good idea to use a he lock |
| 1:24.5 | to invest in real estate? |
| 1:26.5 | So let's first start off by defining what a |
| 1:28.8 | he lock is. You might have never heard of that. A HELOC stands for home equity line of credit. |
| 1:36.3 | It's essentially a special type of loan that you can get typically in your home, so the home |
| 1:41.9 | that you live in. There are lines of credit against investment properties as well, but this is typically in the home so the home that you live in there are lines of credit against investment properties as well but this is typically in the context of a |
| 1:48.3 | home that you live in and so for it just let me give you an example if your home |
| 1:51.7 | is worth $300,000 and you have a $100,000 first mortgage on that you've been |
| 1:56.9 | paying down for a period of time so you have some equity you have equity the |
| 2:00.7 | difference between $300,000 and $100,000 on your loan. You have a couple hundred |
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