OfflineHi,
I have the money to move on a property through a HELOC. If I paid for a property with the HELOC I can move fast and make a cash offer to a seller.
If I decide to just pay the HELOC payments it would be interest only, but I can always add more to it w/o penelty. After the purchase I am considering then taking a traditional mortgage for 30 years and then paying the HELOC off.
Is this a method anyone on here is using lately? Do you find it beneficial since you don't have to come up with any down payment, per se, and can move fast? Or should I try to get a traditional pre-approved mortgage and just use the HELOC for a small down payment and pay on both?
Thanks!
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME" 
I would have to compare what interest I'm paying for the HELOC vs the conventional lender. The Heloc does provide "cash" offers and in some cases will be a good thing if the sellers needs to close fast. Let's face it, cash does talk. Then once the title changes ownership, refinance. But if you are dealing with a typical purchase (if there are any) use your financing and use the heloc for repairs. I think you would have to look at each deal for what it is and act accordingly.
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Thanks pjacobs...I have and the traditional 30yr refi is going to produce the best #s thank you for your response!
Challenges are only challenges if you view them that way. Try looking at them as OPPORTUNITIES instead and success will follow!!! "ME"