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How to Decide If You Should Tap Into Your Home Equity
If you have a low interest rate on your mortgage, I can understand why you'd be hesitant to pay today's interest rates to access your equity. However, it's important to remember that those interest rates in the 2-4% range are of the past. That was a once-in-a-lifetime opportunity!
So instead of measuring your HELOC rates against your mortgage rate, it makes more sense to weigh them against what you can earn on an investment property. So while you might pay 9% to access your home equity, you could get returns to the tune of 18% if you buy a rental property. To me, that would be worth it.
What to Consider About Dealing with a Bad Ex-Tenant
Nobody likes being burned by a tenant or having to pay a bill that doesn't belong to them. If you want to make things right, you can always contact a lawyer or go to small claims court. However, these things will cost you a lot of time and energy. If it were me, I would just chalk it up to the cost of doing business and move forward.
My Thoughts on Selling vs. Holding Your Investments in Tough Economic Times
Personally, I won't be selling any real estate or precious metals. These assets are a hedge against inflation and a great way to preserve your wealth. I can't tell you what to do, but it is important to recognize that billionaires largely hold their assets throughout all cycles of the economy.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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