Rental purchase using HELOC as Down payment.
Hey guys and girls, Game warden from Kentucky seeking some advice for a rental property I have under contract. What do you think my best option is for coming up with the Down payment for this property? I have a HELOC on my primary residence for 4% at 51,000 and the purchase price for the rental I have under contract is 77,500 . I am trying my best to not reach in my checking or saving for the DP but I also know that if I pull from my HELOC for the DP I will be paying out interest. My plan is to put close to 10,000$ in the rental and refinance in 6 months to a year to pull out cash to pay myself back. I just want to know what your opinions are and what you would do in this situation.