I am currently putting a fully paid property up for rent. Would like to take out a HELOC to buy a duplex or triplex. What do I need to be aware of? Advice?

@Tim Swierczek knows financing, he can point you in the right direction.

Thank you all for the assistance!!

@Samuel Killen I can talk you through it.

Establish the Heloc while it's still your primary. Once it's a rental, options reduce and costs rise. Like getting a loan before you quit your job. Lenders (in my experience) don't ask if you plan to quit or plan to move. Establish first, then make your move.

@Samuel Killen HELOCs can be a good way to access the equity in your property but not have to pay interest until you actually use the money. Most lenders won't do HELOCs on rentals, but some will. (I've actually taken out HELOCs on two of my rentals.) You'll just need to call around to find a lender that will work for you. Here's some things to consider and questions you can ask when calling around: What You Need to Know When Shopping for a HELOC. Good luck.

Would like to take out a HELOC on a paid property. Advice?Would like to take out a HELOC on a paid property. Advice?

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Would like to take out a HELOC on a paid property. Advice?

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