Financing first investment property

[Mariola Najmi]

Hello,

I'm trying to to find financing for a $250K investment property and best I could find was a stand alone home equity loan. This is not a HELOC, but a 30year fixed loan on the equity of my primary residence. It has a 6.25% interest rate. Has anyone heard of this type of loan? Also, is there a better way to do this with lower interest, perhaps? I'm a newbie at real estate investing and my idea is to find a fixer upper, put some of my own money to rehab it and pay the loan with STR.

Any advice is much appreciated. Thanks!