Bought my 1st SFH,How can I get the ball rolling for the next on
Hi all, how soon can I buy a new property with HELOC? I recently bought a SFH for investment purposes in the Bay area for ~600k with 20% down. Right now it's being occupied by a tenant, breaking even on the mortgage and property tax.
I want to start looking into multifamilies next out of state.
How soon can I tap into my loan and get a HELOC going? how much do I need to save on the side to have the bank seriously consider me again? I want to get going and not waste time. Any advice on how I can make getting my next property soon? I have a good credit score and income.
I am reading Long Distance Investing by David Green as well. Thank you