Interest Only Line of Credit

Financing, Hard Money Lenders, Private Money
1

Has anybody gotten a interest only line of credit mortgage on a home and taken out enough to make the minimum payments on the loan itself for two years and then sell the home taking advantage of the capital gains laws and buy a new home?

I just heard about this and sounds good. I wanted to find out if anybody else had any experience in doing this. What are the pro’s and con’s?

Thanks,

Joe.

2

Joe, I like interest only loans. I go for cash flow only. I keep a house 2-5 years. With that said your investment plan will dictate your loan type. If you are planning to keep the house than a 15 or 30 year plan may be a better investment option.