Newbie Needs Advice On Equity Currently In Property
I just recently moved from Los Angeles to Dallas. My property in LA has about 200K in equity and I'm renting it out now and making about $100 a month (not including $'s paid towards mortgage). What is the best way to leverage against that equity for property here in Dallas?
I'm also interested in the legal aspects (i.e if I should have a LLC or not ) and I am looking for good articles explaing the ramifications of this.
Any suggestions is greatly appreciated.
Get a home equity line of credit on your house, more commonly referred to as a HELOC.
Are you going to be renting or flipping properties? Just looking for more info as to what you are thinking for the LLC
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I want to rent as opposed to flip.
The LLC will help protect your personal assets from being attacked if you are sued based on anything from your rental property if you have deeded the property into your LLC. Get Mark Warda's book on asset protection for more info, try the library first
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