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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Daniel Vassallo‏ @dvassallo Apr 13
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      I just withdrawn $250K from my HELOC, just to have it sitting in my checking account. Why? I don't know. Just some optionality for $22/day until things settle down a bit. Any downside I'm missing? cc @patio11pic.twitter.com/CYDvGmvMf5

      26 replies 0 retweets 79 likes
    2. Patrick McKenzie‏ @patio11 Apr 13
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      Replying to @dvassallo

      One question I'd have, and basically the only one, is whether they have a right to call. (Force you to repay the draw at a time of their convenience w/o you defaulting under the terms.) Otherwise, sensible decision if you value optionality/security/etc over the interest charge.

      2 replies 0 retweets 17 likes
      Patrick McKenzie‏ @patio11 Apr 13
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      Replying to @patio11 @dvassallo

      The microoptimizer in me would probably not put it in checking but clearly you're not optimizing for net interest expense.

      5:54 PM - 13 Apr 2020
      • 5 Likes
      • CHEN MOR Matt Secoske David Slifka SPIKES_Andres Lino Gill 💯
      3 replies 0 retweets 5 likes
        1. New conversation
        2. Daniel Vassallo‏ @dvassallo Apr 13
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          Replying to @patio11

          Good point about the right to call. I don't think they have that option, but I'll double check. It's more @amyhoy's point that seems like a bigger concern, since this is actually a house on the market. (But a market that seems completely stalled.)

          1 reply 0 retweets 8 likes
        3. Amy "Social Distancing" Hoy‏ @amyhoy Apr 13
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          Replying to @dvassallo @patio11

          yeah i live in fear that our sale won’t go thru in 1 week

          1 reply 0 retweets 2 likes
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        2. Eran Galperin‏ @erangalperin Apr 13
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          Replying to @patio11 @dvassallo

          You're absolutely right - there's no point in putting it in checking unless you need it right now. HELOCs can stay open for 10 years, so no rush to take out the money and start paying interest.

          1 reply 0 retweets 0 likes
        3. Daniel Vassallo‏ @dvassallo Apr 13
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          Replying to @erangalperin @patio11

          There are no free options. The bank can prevent me from withdrawing at any time with zero notice. Especially if house prices start to go down.

          1 reply 0 retweets 0 likes
        4. 1 more reply
        1. Dan Kelly‏ @theDanKelly Apr 14
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          Replying to @patio11 @dvassallo

          Where would you put it?

          0 replies 0 retweets 0 likes
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