HELOC Now, Later, Never?

[David Alberts]

First post on BP!

Just starting out in investing, we did our first live and flip in the fall of last year. With that we where able to buy another fixer upper that I spent the first 3 months fully renovating. We now sit in a property that could have upwards of 100k equity.

With the renovation all my funds are tied up in the new property and I'm considering a HELOC to be ready to purchase my first rental property.

I don't know if I should try to secure a HELOC as soon as possible or wait until I've been able to save up more of a cushion in cash. I also should be due for an increase in pay within the year which would make the HELOC less aggressive of a debt to income ratio.

I’m concerned the market will drop and my equity position along with it.

What should I do HELOC now later or never?