I say, if you're already mortgage free, keep collecting cash for when the market does crash.
I currently have a HELIOC & it was handy to have for emergencies, like when I fell on hard times. But looking back now I'd only use it for emergencies and not real estate during an economic crisis. I'd probably never get a HELOC unless absolutely necessary these days.
To me cash on hand goes much further and has kept me focused more on saving. I too want to take advantage of the next housing market correction when it happens. But to me, if the market is so bad that I can't get a loan with a large down payment for a rental house when I'm already mortgage free, then I shouldn't dig myself into a hole looking for treasure with a line of credit.
At least with saving cash you won't have to spend your money just to get a credit line started.
I currently have a HELIOC & it was handy to have for emergencies, like when I fell on hard times. But looking back now I'd only use it for emergencies and not real estate during an economic crisis. I'd probably never get a HELOC unless absolutely necessary these days.
To me cash on hand goes much further and has kept me focused more on saving. I too want to take advantage of the next housing market correction when it happens. But to me, if the market is so bad that I can't get a loan with a large down payment for a rental house when I'm already mortgage free, then I shouldn't dig myself into a hole looking for treasure with a line of credit.
At least with saving cash you won't have to spend your money just to get a credit line started.