Updated over 9 years ago on . Most recent reply
HELOC FOR INVESTMENT
Hello All.... Im looking to use a HELOC against the residence im now living in to finance purchasing a Duplex..... My question is once i use my HELOC ( Im probably going to use close to 100% of it ) and get my first property how can i finance a SECOND rental investment property.... has anyone gone my route or do i have to pay off the first HELOC then open another one.... which i know is probaby the smartest and least expensive thing to do.... Thanks in advance!
Most Popular Reply
Paul Flynn
I recommend refinancing after the remodel and seasoning period and put the funds back into your HELOC.
If you are not doing any remodel I recommend paying the HELOC off before your next investment.
Not doing so may stretch you too thin and cause financial issues.