Strategy to get out of Heloc Fees after buying and holding

[Josh Reed]

Ok. I’m green so forgive my ignorance but need help. Got a Heloc on my primary for 115,000 at variable rate of 5% currently to buy my first few deals. The payment percentage is 1% a month that goes towards principal and interest. I can see how it can be a good option for short term cash for flips and cheaper than hard money deals. But what if the plan is to owner occupy and later rent when fixed up or buy and turn into vacation rental. Offer price for first house is 110,000 + 20,000 repairs and 20% down payment which is 42,000 out of my Heloc at a monthly cost of $420 not including yearly interest of 5%. There goes my cash flow. Second house is 140,000 with 40,000 in repairs and down of 20%. That cash again at cost of my Heloc. Those numbers can’t work for cash flow so what’s the strategy for refinancing. Timeframes? I’m in Oregon if that helps?