Talk me out of a home equity loan...

[Danno]

How much equity do you have?

How much cash flow does your current house provide? Can it still cash flow with an additional debt on it?

I mean, if you are talking about taking all the available equity, or the property doesn't cash flow or will barely cash flow with the new debt, then it's a terrible idea. If, however, you're still going to have a giant equity cushion in the event of a downturn, and the property will still have a giant cash flow cushion in the event of a downturn, then go for it.

[Danno]

Well, if you did, go to a credit union instead of bank because they don't have the same regulations, they're non-profit, and can generally give you a better deal. And the bankers hate them for it.

well, I would say shop around. Credit unions often have better terms, but not always.

[Gerome]

Lucky for you I've been checking tgr watching reruns of the tv show mom and texting this chick. Unfortunately looks like she is going to blow me off to pick up an extra 4th of July shift in the er. Now she's pissed that I won't take her to my high school prom dates wedding in Boulder and im waffling about a trip to maine w her. So she won't reup my low t meds inhaler or steroid prescriptions.

I digress. Sorry. Lucky for me my dad was a dentist so to help me out he bought me a modest home in a ski resort town to help support my ambitions to become a pro.

All cash purchase and the dumb ass put it in my name only.

That was like twenty years ago and now the shit hole is worth way too much. Like yourself I'm a blue collar guy who is one of the best dick swinging framers in Colorado. Never met a house i couldnt build. I've debated taking some cash out to go soul searching and find my true self but when I really think about it the money is better kept as equity. And who the fuck really wants to go find themselves anyways.

Think long bro not short. Someday I'll cash in sell out. Buy a trailer in and moab and live happily ever after on hundreds of thousands in equity I built over a life time of hard work in a ski town.

Sent from my SCH-I435 using Tapatalk

So..... why not AirBNB, VRBO, or end up with some short term roommates to make some caaaassshhhh?????? Consult a girlfriend and do some paint and easy interior decorations so that it looks good in photos?

[fastfred]

So..... why not AirBNB, VRBO, or end up with some short term roommates to make some caaaassshhhh?????? Consult a girlfriend and do some paint and easy interior decorations so that it looks good in photos?

nah I'm a misanthrope so letting some stranger in to my home is not gonna work, considered it, plus the town will make me get a business license and pay taxes and all that good shit, my accountant is up my ass to rent out a room 750 a month private bath I could kill it all day long but no, not for me plus I like having the space so if some chick wants to move in I'm ready to go

no need to consult a girl on styling, I'm a designer myself, one room is brothel red, the other midnight blue, and another is lime green depending on my mood depends on where I sleep

[Mazderati]

Hi there. I think that taking a loan is very risky. It's a very big responsibility, so think twice before taking such a loan.

a/s/l

[WooodSI]

a/s/l

what?

[Gerome]

what a weird thread bump. Is it because of the short term downturn in the stock market?

For what it's worth, I've been listening a lot to Dave Ramsay and dig working towards financial independence someday, which means saving pantloads of cash by not squandering my good pay from a good job.

[VTeton]

Dave Ramsey and I dont see eye to eye but I like him. Debt is not evil!!

[TAFKALVS]

Dave Ramsey is for people who make 40k a year and think it's a good idea to finance $65k truck and two jet skis.

[Core Shot]

Have a heloc that has grown way too large. Used it for improving the real estate it’s on.

But being interest only, it sucks not getting anywhere. Principal just sits there like a turd that won’t go away

[BC.]

Have a heloc that has grown way too large. Used it for improving the real estate it’s on.

But being interest only, it sucks not getting anywhere. Principal just sits there like a turd that won’t go away

I have a HEL which is my mortgage, and a HELOC (2kids in college, CC debt, etc). I saw the same thing when I first started my HELOC.....I had to suck it up and throw more money into my payments to the HELOC to eat into the principal....(it’s finally going down now).

Debt sucks.

[fleming007]

If 15 years ago someone would tell me that I would ever risk taking a loan to buy an apartment, I would laugh for a very long time, but nevertheless we see that I took this dangerous step, because I’m more than 35 years old and I still do not have an apartment. All I can tell you is that you must first find a reliable bank for successful cooperation. I found a list of the most popular banks at https://credit-10.com/es/. Also, you have to pay interest every month and also you cannot leave the country if you pay a loan. You can find out all other details in the bank!