Question on the “repeat”part of BRRRR
New to the investor world. Plan on using the BRRRR method.
I'll be using funds from a HELOC on my primary for a cash purchase and to pay for rehab.
My question is, once I refi after the rehab is complete, I use those funds to pay off my HELOC balance I used to purchase and rehab, correct? I would then have the HELOC money plus excess equity (leftover from refi) available to use again to purchase another property, correct? I would then have a HELOC and conventional loan to pay back (from tenants of course), correct? Just repeat this as many times as possible?
If I have this wrong, please correct me because I am somewhat confused by this part of the process.
Thank you.