William Bronchick’s Coaching Tells How to Use a Home Equity Line of

Credit to Buy Properties

A home equity line of credit ("HELOC") can be an excellent financing tool, if it is used properly. A HELOC is a credit card secured by a mortgage or deed of trust on your property. You only pay interest on the amounts you borrow on the HELOC. If you do not use the line of credit, you do not have any monthly payments to make.

You can access the HELOC by writing checks provided by the lender. In most cases, it will be a second lien on your property. William Bronchick, an experienced real estate advisor has authored various books on real estate and has mentored a large number of people on real estate issues. In his coaching classes, William Bronchick tells about HELOCs to buy properties.

While the HELOC may be a high interest rate loan, it is a temporary financing source, which can be repaid when you refinance the property, explains William Bronchick in his coaching classes. Do not use your HELOC as a down payment or any other long-term financing source – it will generally get you into financial trouble.

If you do not pay the HELOC, you can lose your home! Some institutional lenders will not lend you the balance if you borrowed the funds for the down payment. However, smaller commercial banks that "portfolio" loans have more flexibility and may allow you to use HELOC money as a down payment. Once again, I must caution you about using borrowed money in this manner - only do it if the deal is a steal and you can pay off the HELOC money within a few months, exclaims William Bronchick in his coaching classes.

To learn more, visit www.williambronchickcoaching.com.

About William BronchickWilliam Bronchick, CEO of Legalwiz Publications, is a nationally known attorney, author, entrepreneur, and speaker. Mr. Bronchick has been practicing law and real estate since 1990, having been involved in over 1,000 transactions. He has trained countless people all over the United States to become financially successful, speaking to audiences of as many as 16,000 at "Get Motivated" events sharing the stage with names like Rudy Guliani, Steve Forbes, and Colin Powell.

His best selling book, ‘Flipping Properties' was named one of the ten best real estate books of the year by the Chicago Tribune. William Bronchick is also the co-founder and President of the Colorado Association of Real Estate Investors and the President and Chairman of the College of American Real Estate Investors.

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