Managing Your Home Equity Line


for $130,000 and put $40,000 of his profit back into the HELOC.

Brown then made plans to build a new home to accommodate a fifth child that was on the way. He put his Queens home, barbershop, and Suffolk home up for sale and signed a $497,000 construction contract for a six-bedroom, three-bathroom, 4,000-square-foot home in Chesapeake, Virginia. He bought a $157,000 townhouse in Suffolk to house the family until their new home was ready.

Brown’s HELOC was paid in full after the sale of the Queens house and he had a profit of about $200,000, which he used to establish a business account and run his real estate business. Says Brown, “I really want to do this full time because I’ll have more time to spend with my family.”


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