Using a HELOC to purchase another investment property
What's up BP!
What are your thoughts on using a HELOC on 1 of my investment properties to purchase another investment property? I'm not even sure if that's allowed. The new investment property rental income would cover the mortgage and easily cover the HELOC.
Most Popular Reply
@William DeLuca as long as you can pay it back quickly (ie on a flip or Brrrr), if not it is likely best to do a cash out refi on prop #1 to come up with the down payment for prop #2 especially with rates at all time lows. Good luck!