Hello Bigger Pockets! I'll get right to it...
We just refinanced to lower our mortgage payment in order to begin investing in rental properties. This being said, my strategy will be to use a HELOC to put money down on my first rental. We have over $120K in equity and I am wondering how long I should wait before I apply for the HELOC given we just refinanced? Maybe there's no need to wait. Which is why I'm asking you guys. Let me know!
Also, once I get the HELOC and buy my first investment property, what's the best strategy to turn around, eliminate the HELOC and leverage toward the next property? Loaded, I know.
FYI. My long term goal is to own multiple properties, maximize cash flow and get out of a career that I absolutely despise and work for myself investing!
Thanks in advance!
Try to get HELOC from same bank so they can use same appraisal. You should have talk with your lender at same time.
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