Professional 路 Warren, MI 路 Member since 2017 路 3 posts 路 0 votes
Hello world!! 馃槀馃槀馃槀 I鈥檓 own my primary home free and clear and I estimate it to be worth 65k I want to know what if the best path for me to take.... heloc or refi to purchase my first investment property? I鈥檓 a buy and hold guy. Residential and small multi family properties is my criteria. Thank you I鈥檓 advance!!
Hello @Jerry Phimsavanh, welcome to BP. Please look at the BRRR strategy here on the site. I don't think anyone will tell you right off, which avenue is best for you.
As an owner occupied property owner, you could take out a conventional mortgage or a HELOC, and use the funds as a down payment on the next house.
Do you like chocolate or do you like vanilla? Chocolate is 30 year fixed. Vanilla is HELOC which will likely adjust in the future, and can be interest only. Both take about a month to get in place.