Using a HELOC to buy another investment property
Hi team-
I opened up a HELOC a few months ago and was able to grab $127K. I have two rentals at the moment, and I am trying to scale my portfolio at a rapid rate. 2 starter questions-
Q: How do I analyze the deal with knowing I will have a Heloc payment and a mortgage payment. Is their anything I need to be certain of? I also see that the repayment period, the monthly payment due on th heloc blows up.
Q: How should I use the 127K? Put it all in on one deal? Or should I grab a smaller portion of it to get started...
Thank you!