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Use HELOC to invest single family or multiple family?
Hello BP Community,
I have $100,000 HELOC available to invest. There's a $100,000 single family house and $200,000 multiple family that I want to invest. I have a few question below, hopefully someone with experience can share your thought.
1. Should I use my HELOC to purchase the entire cost of the single family house or should I use the HELOC to pay the $50,000 ($200,000*25%) down payment of the multiple family house and financing the rest of the cost of the house?
2. If I purchase the single family house with my entire HELOC, can I get the refinance after purchase so I can get my HELOC pay off? is this a good idea to do?
3.If I purchase the multiple family with half of my HELOC with $50,000 down, and get financing for other $150,000. Am I getting two mortgage payment to pay monthly? will this limit my cash flow?
4. What is the best idea to use my HELOC?
Thanks you!