Q&A: How Much Equity Should I Tap Into? – Episode 1013

If you have access to a big chunk of equity, how much should you tap into to grow your real estate portfolio? And what is the best product to help you reach your goals? That’s the first question I’m answering on this Q&A edition of Investing in Real Estate!

On today’s show, I’m answering three of your real estate investing questions spanning topics like using home equity to invest, the mechanics of buying US rental properties from Canada, and the cost of setting up a self-directed IRA. Click play to hear my answers to your questions! Happy New Year!

On this episode you’ll learn:

• What to consider when accessing your home equity.
• Tips for buying US real estate from Canada.
• The cost of opening a self-directed IRA.

What to Consider When Accessing Your Home Equity

There are a few ways to tap into your home’s equity. The most common products are the home equity line of credit (HELOC) and a cash-out refinance. You can see my video here on the differences between those two products. Personally, I prefer the HELOC since it is a line of credit. When you take out a HELOC, you start with a zero balance, similar to a credit card. I love this option because you have access to a chunk of cash that you can use at your disposal anytime you want. Be sure to shop around for the best rates and terms.

Tips for Buying US Real Estate from Canada

If you’re a Canadian who wants to buy US real estate, just know that there are a few extra steps you’ll need to take. Namely, you’ll have to set up a tax ID and a US-based bank account. I’d also suggest finding an accountant based in the US to ensure everything is set up correctly. At Morris Invest, our team can help guide you through this process. Schedule a free call at morrisinvest.com.

The Cost of Opening a Self-Directed IRA

In most cases, it should only cost a few hundred dollars to set up a self-directed IRA. This, of course, can depend on the company you use and what type of structure you need. Our team can help you set up a self-directed IRA in just a few minutes! Schedule a free 30-minute call at morrisinvest.com.

Ask Me a Question at morrisinvest.com/clayton

Episode Resources
Book a Call with Our Team
HELOC vs. Cash-Out Refinance for Growing Your Real Estate Portfolio
Dan Kraus at Churchill Mortgage 
morrisinvest.com/Clayton
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Download the free Financial Empowerment Bootcamp
Subscribe to Investing in Real Estate on Apple Podcasts 
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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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