Using a HELOC for first property

[Stephen Daniel Pace]

Hi BP! I'm looking into getting a HELOC on my primary residence since I have significant equity mainly due to the current market. I'd like to use it as a down payment or cash purchase for my first investment property so that I don't have to use my cash savings. I've seen and heard that this is possible but want to get thoughts from others who have done this and what success or challenges they've had. Thanks in advance for your replies!

[Stephen Daniel Pace]

Quote from @Gerard Scranton:

Hello Stephen, I too am interest in using a HELOC to start this adventure. I'm still analyzing the data and scenarios as to which route to take. Fix & flip, BRRRR, Private money. Would be great to connect with you and maybe share notes.

Hey Gerard! Sure let’s connect! I closed on my HELOC about a month ago. Took a while to get everything worked out with the credit union I’m using. But I currently have the HELOC funds ready and available to use now so I’m actively trying to find a property.