Wife needs convincing regarding taking out a 2nd mortgage
I’ve been trying to fund my next deal which takes a little creativity. My current home already has $200k in equity that I plan to use either via HELOC or cash out refinance to complete a BRRRR deal. I have around $50k in savings that I will use to pay off the lien on my primary home. The problem is my wife thinks that taking out a 2nd mortgage is a huge risk and irresponsible. She has this mindset that it should only be done to buy our next home or home remodeling. She has a point wherein a HELOC can be a huge risk but in this case it can help out my real estate investing business. How do I convince the spouse? by joehall329 from Keno, Oregon. Dec 13th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
HELOC's on your primary home are used very commonly to fund 2nd homes and investment property down payments. On the other hand, many people believe leaving your primary home alone, and paid off is best. If something goes wrong, all loans are against the other properties, so you always have a place to live. Others, no risk, no reward. Good luck. I lend in MN WI IA SD ND. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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