First real estate investment..should I use a HELOC?
Hi BP! I am looking into making my first real estate investment on a buy and hold property, preferably out of state. I am currently in escrow at the moment for a property that will be my primary residence. I was looking into possibly taking out a HELOC and using it towards that real estate investment purchase. Is a HELOC recommended on a buy and hold property or is it a better use on other types of investments, such as flips? Does anyone know about how long after I close will I be able to do a HELOC? And about how much percentage is the typical monthly payment for the interest on a HELOC?
Does anyone have any recommendations of specific states/cities for duplexes and quads for the best results of cash flow? Also, are there any recommendations on property managements in that area as well?
Thanks in advance for any help you can give me!