Leveraging Primary Home Equity to Purchase Investment Property

[Claudia Coss]

I'm currently looking for an investment property in Locust Lake Village, Arrowhead, or Penn Estates in the Poconos. I already own a primary property outside of the area and trying to leverage the equity on this current property to partially fund the investment property. I'm in the process of applying for a HELOC and also have liquid cash. The HELOC will solely be used to fund part of the downpayment + closing + renovations + furnishing but not planning to have a huge balance on it. My concerned is about applying for the 2nd mortgage so close to HELOC. Any financial insights here from anyone experienced with this?  Not sure if my financial approach makes sense.