HELOC?

[Badchoices03]

Looks like I am going to need a whole new AC unit and don't really want to dump a big chunk of cash reserves and don't want to finance it through a bank. I owe less then 30% of what my house is worth, I was thinking about a cash out refi but I have a sub 4% rate right now so I don't want to fk that up...what are the pros and cons of a HELOC?

 

[LargeOrangeFont]

Looks like I am going to need a whole new AC unit and don't really want to dump a big chunk of cash reserves and don't want to finance it through a bank. I owe less then 30% of what my house is worth, I was thinking about a cash out refi but I have a sub 4% rate right now so I don't want to fk that up...what are the pros and cons of a HELOC?

Other than committing financial suicide, losing everything you own, and contributing to the impending financial armageddon coming in 18 months, you’ll be fine.

 

[Ace in the Hole]

Looks like I am going to need a whole new AC unit and don't really want to dump a big chunk of cash reserves and don't want to finance it through a bank. I owe less then 30% of what my house is worth, I was thinking about a cash out refi but I have a sub 4% rate right now so I don't want to fk that up...what are the pros and cons of a HELOC?

what is the cost of the AC? Pull a 12 mo no interest credit card and slap it on that if you have to... FYI AC and repair financing is as dirty as solar finance on the fees...

 

[LargeOrangeFont]

what is the cost of the AC? Pull a 12 mo no interest credit card and slap it on that if you have to... FYI AC and repair financing is as dirty as solar finance on the fees...

This is what I would seek to do.

 

[BabyRay]

I have a HELOC that I’m using to rehab a house. There were no loan fees, but the interest rate has climbed to 8.45%.

Fortunately, the house is just about ready to flip, so I’ll be paying it off soon. If I was starting the project now, I’d sell equities to fund it.

I definitely wouldn’t use it to fund an A/C unit. That’s the kind of thing reserve funds are for.

 

[Badchoices03]

Noted....not a good idea.

 

[Orange Juice]

Whats wrong with fixing the old one?

 

[Badchoices03]

what is the cost of the AC? Pull a 12 mo no interest credit card and slap it on that if you have to... FYI AC and repair financing is as dirty as solar finance on the fees...

I think AC and Plumbing contractors are built from the same cloth....I have AC quotes from you just need a new AC unit to you need a new AC unit, new air handler, new ducts, new air grills....and they go from about $10k to about $21k

 

[sintax]

Other than committing financial suicide, losing everything you own, and contributing to the impending financial armageddon coming in 18 months, you’ll be fine.

well did you double check his user name?

checks out!

 

[Badchoices03]

Whats wrong with fixing the old one?

R22 is phased out in California....current system has a leak somewhere, I had a guy come and say it would be about $1500 to find and repair the leak, and about $5000 to refill it, because the R22 is not available and if you can get it, its super expensive...

 

[Badchoices03]

Other than committing financial suicide, losing everything you own, and contributing to the impending financial armageddon coming in 18 months, you’ll be fine.

I thought you weren't on board with the financial Armageddon and weren't holding onto your hat?

 

[Bobby V]

Looks like I am going to need a whole new AC unit and don't really want to dump a big chunk of cash reserves and don't want to finance it through a bank. I owe less then 30% of what my house is worth, I was thinking about a cash out refi but I have a sub 4% rate right now so I don't want to fk that up...what are the pros and cons of a HELOC?

When I replaced my AC unit Carrier was running an interest free loan for 18 months. Not all AC companies qualify but its worth asking.

 

[LargeOrangeFont]

I thought you weren't on board with the financial Armageddon and weren't holding onto your hat?

Sarcasm..

I think there are probably better options if you are disciplined and can pay off a credit card or other type of loan.

 

[sintax]

R22 is phased out in California....current system has a leak somewhere, I had a guy come and say it would be about $1500 to find and repair the leak, and about $5000 to refill it, because the R22 is not available and if you can get it, its super expensive...

def getting yanked there....

r22 is around 800-1000 for a 30lb

finding the leak is one thing, fixing it is another. From what i've been told, its typically in a spot not easy to repair hah

 

[Done-it-again]

I think AC and Plumbing contractors are built from the same cloth....I have AC quotes from you just need a new AC unit to you need a new AC unit, new air handler, new ducts, new air grills....and they go from about $10k to about $21k

Wait till you need pluming work / hot water...

 

[Badchoices03]

Wait till you need pluming work / hot water...

I have a acquaintance that is a plumber, owns his own business, he is the only employee....has multiple houses, multiple boats, multiple sxs's....

 

[Badchoices03]

Sarcasm..

I think there are probably better options if you are disciplined and can pay off a credit card or other type of loan.

Yeah just starting to look into options, I never really considered a HELOC, but I have been seeing a lot of ads for them...so just curious.

 

[Done-it-again]

I have a acquaintance that is a plumber, owns his own business, he is the only employee....has multiple houses, multiple boats, multiple sxs's....

Sounds about right....

 

[Sharky]

Don't get a HELOC unless it's a fixed rate. Do not ever get an adjustable rate HELOC.


Get a new credit card at 0% interest for a year and go that route.

 

[Done-it-again]

Don't get a HELOC unless it's a fixed rate. Do not ever get an adjustable rate HELOC.


Get a new credit card at 0% interest for a year and go that route.

Then that would be a "home equity loan" for a set rate and payback period.

 

[monkeyswrench]

Ummm, aren't there a couple HVAC contractors here on the board to get info from? @Riverbound seems to know a thing or two, and probably a couple others.
As far as leaks, they actually make a "fix-a-flat" type charge that goes in to a recharge. I did that at my river pad a few years back, but it was R114 I think? Bottle and gauges are still out there, but system hasn't stopped working yet either

 

[sintax]

Don't get a HELOC unless it's a fixed rate. Do not ever get an adjustable rate HELOC.


Get a new credit card at 0% interest for a year and go that route.

that would be where i'd go. 0% card, i think theres some w/ 0% for a year

you can also try looking into a HERO loan?

 

[Mr. C]

Ummm, aren't there a couple HVAC contractors here on the board to get info from? @Riverbound seems to know a thing or two, and probably a couple others.
As far as leaks, they actually make a "fix-a-flat" type charge that goes in to a recharge. I did that at my river pad a few years back, but it was R114 I think? Bottle and gauges are still out there, but system hasn't stopped working yet either

I would definitely be reaching out to Riverbound. For info and direction on newer style systems.
Everybody has different needs and he won’t steer you to what you don’t need.

 

[wings_of_eagles]

Chase - Slate Edge credit card 0% for 18 months, make sure you pay it off at the end there will be no interest fees.
Chase - Freedom Unlimited credit card 0% for 15 months, 1.5% cash back on all purchases.

 

[WTR&PWR]

I think there is a lot that goes into these decisions for me. Since you’re asking here you go:

How much do I need and how long will it take me to pay off? 5k and 6 months is a different animal that 30k and 3 years.

The problem with a heloc for most people that aren’t disciplined is they use it for lots of shit rather than the intended purpose.

If I need (relatively-don’t kill me) small amounts of cash go to the bank get a personal loan and pay it off quick. My credit union is conservative but will do 30k for like 5.5% at 5 years. I always aggressively pay it off and figure the interest up front is motivating factor to do so.

There are cheaper ways and smarter ways but when you have a heloc dangling there for many people next thing you know you have a new hot tub, traeger, and furniture.

Know yourself and factor your habits into the equation.

 

[Mr. C]

Chase - Slate Edge credit card 0% for 18 months, make sure you pay it off at the end there will be no interest fees.

That’s where people get hit hard. All that interest is adding up and if not paid in full by terms end it’s not just interest on what you still owe. It’s been accumulated from day one.

 

[CLdrinker]

Don’t spend more than a few bucks fixing a r22 unit. It so old and inefficient put the money towards new.

 

[Big B Hova]

I'd max out a credit card and buy bitcoin BTD, HODL, cash out and see triple digit returns, THEN buy a/c unit cash

 

[DoughBallin14]

Since you asked.
My best zero card was citi simplicity at one point it was 0% for 21 months on balance transfer or 0% for 18 months on purchases.

On the heloc side i got one back in october from frontwave credit union with 4% locked for 18 months and then prime plus 1% but no higher then 12% which is lower still than any card i had.

Reasons i got it. Tired of switching cards to transfer debts for 0% interest, wanted a cash value safety net for whatever, and combine some small debts for a longer easier payment.

Ultimately only used 10k of my 95k availability and have 5k paid back already. Hoping to have it paid back before the 4%promo ends. I can draw from it for 10 years if need be.

 

[Activated]

I'd max out a credit card and buy bitcoin BTD, HODL, cash out and see triple digit returns, THEN buy a/c unit cash

Yore missing out on Dinar.

 

[MR HARLEY]

Looks like I am going to need a whole new AC unit and don't really want to dump a big chunk of cash reserves and don't want to finance it through a bank. I owe less then 30% of what my house is worth, I was thinking about a cash out refi but I have a sub 4% rate right now so I don't want to fk that up...what are the pros and cons of a HELOC?

User name checks out.

I'm gonna go with "Bad Decisions" for $500 please Alex.

 

[2Driver]

Do a HELOC.

Tell them it’s for a $300k AC unit. Get the a/c plus a Magic deck boat, H2, RV and a sand rail.

 

[Big B Hova]

Do a HELOC.

Tell them it’s for a $300k AC unit. Get the ac plus a Magic deck boat, H2, Rv and a sand rail.

Don't forget a matching square watch

 

[DRYHEAT]

Why not just bite the bullet and pay for it and then pay yourself back? Either way you’re gonna have a payment.

 

[Mr. C]

Why not just bite the bullet and pay for it and then pay yourself back? Either way you’re gonna have a payment.

If you’ve the funds available in your savings. Sure. Sounds good. Sometimes I forget what site I’m on. And everybody has 25-30 k just take and buy a whole new system.
I mean. That’s just a summers worth of gas for 400k DCB.

 

[DRYHEAT]

If you’ve the funds available in your savings. Sure. Sounds good. Sometimes I forget what site I’m on. And everybody has 25-30 k just take and buy a whole new system.
I mean. That’s just a summers worth of gas for 400k DCB.

In the OP‘s original post, he said he didn’t want to use his cash reserves. I made the assumption that he has the cash but he’s saving it for something else. I would consider needing air conditioning in the middle of summer a pretty important deal.

PS: I am not one of the Ballers on RDP. My paltry income would probably make most of you laugh.

 

[Badchoices03]

Do a HELOC.

Tell them it’s for a $300k AC unit. Get the a/c plus a Magic deck boat, H2, RV and a sand rail.

Now we’re talking, then come on RDP and claim it’s all paid in cash and I have no payments, and tell everyone to go be poor somewhere else…lol

 

[Big B Hova]

Yore missing out on Dinar.

Driving through The Hat now getting dinner....

Oh wait my fatass read that wrong

 

[Badchoices03]

In the OP‘s original post, he said he didn’t want to use his cash reserves. I made the assumption that he has the cash but he’s saving it for something else. I would consider needing air conditioning in the middle of summer a pretty important deal.

PS: I am not one of the Ballers on RDP. My paltry income would probably make most of you laugh.

Yes I do have the cash, but if I can find something with little or zero interest, I’d like to go that route instead. HELOC was just a question cause I don’t know much about them and was curious, but sounds like a bad idea.

 

[Mr. C]

In the OP‘s original post, he said he didn’t want to use his cash reserves. I made the assumption that he has the cash but he’s saving it for something else. I would consider needing air conditioning in the middle of summer a pretty important deal.

PS: I am not one of the Ballers on RDP. My paltry income would probably make most of you laugh.

I bet you’d laugh harder if you saw my paltry ballar status.

 

[Badchoices03]

I would definitely be reaching out to Riverbound. For info and direction on newer style systems.
Everybody has different needs and he won’t steer you to what you don’t need.

I had his guys out here and I have a quote from him.

 

[ChumpChange]

Yes I do have the cash, but if I can find something with little or zero interest, I’d like to go that route instead. HELOC was just a question cause I don’t know much about them and was curious, but sounds like a bad idea.

Get a HELOC and then use your cash. If you need to dip into it then do it short term float. A HELOC will allow you to run your checking account to zero as you’ll have access to capital if needed. A giant emergency tax deductible credit card.

 

[DRYHEAT]

Yes I do have the cash, but if I can find something with little or zero interest, I’d like to go that route instead. HELOC was just a question cause I don’t know much about them and was curious, but sounds like a bad idea.

I definitely get that, many many moons ago I paid off a boat rotating 0% credit cards. I guess it all depends on how much hassle you want to go through, but I definitely understand not wanting to spend the cash. It sucks, I had to replace my air conditioner this year.

 

[mesquito_creek]

R22 is phased out in California....current system has a leak somewhere, I had a guy come and say it would be about $1500 to find and repair the leak, and about $5000 to refill it, because the R22 is not available and if you can get it, its super expensive...Wiw

Start by getting another opinion. I don’t like guys who bullshit you. r22 is 30 a lbs wholesale and a 5 ton unit holds about 12lbs. Even if 100 a lb is a fair price that’s 1200 for the refill not 5k!

Ac is easy enough to be profitable without BS markups

 

[Havasu blue label]

Looks like I am going to need a whole new AC unit and don't really want to dump a big chunk of cash reserves and don't want to finance it through a bank. I owe less then 30% of what my house is worth, I was thinking about a cash out refi but I have a sub 4% rate right now so I don't want to fk that up...what are the pros and cons of a HELOC?

Credit card o percent for 12 months

 

[Havasu blue label]

Looks like I am going to need a whole new AC unit and don't really want to dump a big chunk of cash reserves and don't want to finance it through a bank. I owe less then 30% of what my house is worth, I was thinking about a cash out refi but I have a sub 4% rate right now so I don't want to fk that up...what are the pros and cons of a HELOC?

Don’t sell your and move to another state

 

[Havasu blue label]

R22 is phased out in California....current system has a leak somewhere, I had a guy come and say it would be about $1500 to find and repair the leak, and about $5000 to refill it, because the R22 is not available and if you can get it, its super expensive...

What city

 

[YeahYeah01]

Noted....not a good idea.

Or just a bad choice

 

[Mr. C]

Start by getting another opinion. I don’t like guys who bullshit you. r22 is 30 a lbs wholesale and a 5 ton unit holds about 12lbs. Even if 100 a lb is a fair price that’s 1200 for the refill not 5k!

Ac is easy enough to be profitable without BS markups

Someone didn’t want to do the job. But if you’re gonna pay my overpriced quote. I’d do it.

 

[sintax]

Start by getting another opinion. I don’t like guys who bullshit you. r22 is 30 a lbs wholesale and a 5 ton unit holds about 12lbs. Even if 100 a lb is a fair price that’s 1200 for the refill not 5k!

Ac is easy enough to be profitable without BS markups

this is a common move to sell retrofit units.