Using HELOC or LOC or both to fund real estate investments?
Okay so Iam a novice investor with only 1 rental property under my belt that is owned free and clear (also I'm only 21). I was thinking about using the equity in that home to go out and do other real estate investments.
Now the property isn't worth much (purchased it for $26k in 2014, listed for $22k) and I know the LTV on a non owner occupied home is low (Wells Fargo is 60%). So if I can pull out only a small considerable amount assuming I can pull out anything at all would it be a good idea to combine that with the money from my regular LOC? ($5k limit but working on raising that)
Or would it be just a better idea to raise my LOC as much as possible and just try to use the funding from that?
Also if anyone has any other tips on how to further my investment portfolio with my limited funding and average credit score (694) please tell me. I'm all ears!
Thanks in advance
Mack