HELOC vs Cash Out Refi

[Erik Sherburne]

Curious what others see as the pros and cons of a cash out refi vs a HELOC. I'm refinancing a property now to lock in a rate and think saving some equity for a HELOC might be a good option. I have a lender that can do a HELOC at 80% LTV on an investment property. My logic with the HELOC is that I can draw from it - purchase a property, pay the HELOC down and keep a higher cash flow on that property vs pulling cash out. Then after I paid it down I have access to the HELOC again to repeat. Thoughts?