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Updated about 7 years ago,
Using my heloc for down payment.
Hello, my name is Tony and I’m new here and trying to buy my first duplex. I have a heloc on my primary residence that I would like to use for a down payment on my first rental. In Salem Oregon where I live prices are in the 220-320,000 range. Assuming I put 25% down, it will eat up most of my heloc, 63,000. What is the best way to get that money back so I can reuse it for the purchase of my second? I can retire in 10 years and would like to have 8-10 duplexes by then. Thanks in advance for any information.