Updated over 5 years ago on .
refinance to gain more properties
Hi all,
I have a property that I owned with no liens attached. I bought it at a auction about 6 years ago. I invested about 25k over time in approving it but it honestly need about 25k to 30k more work done before it's finished. I want to pull capital out of it to invest in a duplex, triplex, etc. My first question is if I get a home equity loan or a HELOC, how long would I have to wait until I can refinance it to buy the new property? I don't want to sell my primary residency just yet but I would like to be able to update it then refinance for a higher loan, granted the value of the property goes up after repairs. My next question is what would be a better fit, a home equity loan or a HELOC for what I am trying to accomplish? Thanks for your time and response, it is much appreciated.