HELOC on investment

[Varouj Asdourian]

Hello. My wife and I want to buy a second investment property by taking a HELOC on our existing rental property. Has anyone ever done this? Would you recommend it? We have a lot of equity in the first property and I did find a couple of lenders that do offer HELOC for investment property. Thanks.

[Jonathan Styer]

I've done it and it worked out great. If you have the Lender I say go for it. I prefer it over a cash out refi as you aren't locked in to an increased payment. Pay down the HELOC and you're good. Also you can rinse and repeat. Good luck!