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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GraceZ who wrote (86981)8/24/2007 9:16:48 PM
From: saveslivesbydayRead Replies (2) of 306849
 
"Why is it that not one person on SI admits that they've used their house as an ATM"

Nobody every asked me.

We remodeled our home in 2000-2002, had it reappraised, refininaced twice with the falling interest rates, and then took out a HELOC to buy rental houses over the period of 2002-2005. However, in each case we paid 20% down on conventional mortgages for SFH's that were cash-flow positive and that each clearly had good ROI. We paid the HELOC off each time inbetween purchases.

I consider this as a leveraged long term investment - with accumulating deferred passive tax benefits.

The point is - we paid off the HELOC, and for goodness sakes didn't use it to buy a new car or color TV ......
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