Updated almost 4 years ago on . Most recent reply
Heloc or Hard money loan
New investor looking to purchase my second rental property. This one will be out of state. I'm currently looking in Ohio. I'm in the process of getting a HELOC on my primary residence. I've owned it for 12 years now and the idea of using it as collateral to make a purchase has me nervous. How easy, or difficult, is it to refinance an out of state rental that was initially purchased with a HELOC? I'm also considering using a hard money loan. Does anyone have any experience with purchasing an out of state rental with either of these methods and what's your advice?