Primary Residence HELOC

[Greg Smith]

Hi, Newbie to RE Investing here...

How advisable is it to utilize a HELOC from your primary residence to fund, at least temporarily, a BRRRR property?

The only mention of a HELOC in David Green's book was one related to an existing rental property.

Is it a bad idea to utilized primary residence equity to land your first rental property even if it's only intended to quickly secure the property and fund the rehab?

I'm in Charleston, SC. Deals are hard to come by right now, but I'm biding my time, trying to set myself up to be able to secure my first property when the opportunity arises.

Thanks in advance for any help.

[Charlie Tunstall]

Greg, I've done that and it's worked great....cheaper than hard money/private lender, easy to repay with longer term financing of new project, gives you lots of flexibility. I've used First Citizens for my HELOC. I'm sure there are other banks that will offer that product too. If you need more info let me know