Updated over 4 years ago on . Most recent reply
Using a HELOC to BRRHR..?
Hello community!
I'm in the process of getting my first property! I'm planning to use a HELOC on my primary residence to find the downpayment and remodel of a property. It will be a BRRRR in sense that I'm going to be able to add significant value to it and get some money back out but my question is can I use a HELOC on the rental to pay off the HELOC on my primary residence? My thoughts are that I can avoid paying two closing fees this way and I have calculated the interest only repayment of the total HELOC on the rental into my numbers so the property still cash flows. What's people's thoughts? What am I missing?