All Forum Posts by: Drew Prawel

Hi BP community - first time investor/participant here, so I'm not sure this post is in the right place, but here goes:

I got a HELOC on my previous primary residence which is now my investment property to use as a down payment on my current primary residence. I received the line of credit last November (6 months ago) and have paid down about 12% so far - I'd like to change where the statement is sent each month (my investment property is only 3 miles away, but I'd rather not depend on my tenant holding the statement for me each month) but I'm concerned that the bank will give me a hard time (or worse, ask me to pay down the rest of the line) for moving when the HELOC was intended to be used on the previous property, not as a down payment for a new house. Any advice on whether I should keep collecting the statement from my tenant or if I should be good informing the lender that I've moved? Thank you!

My wife and I have been talking about real estate as an option for added cash flow as well as long term investments - I am looking to build wealth through another stream of income, part time, while growing in my current job full time. Most interested in starting with a duplex or a smaller single family unit. Love reading/listening to podcasts, so all suggestions are welcome!

Have limited capital and equity in our current house, but want to get started investing this winter!