Refinancing or heloc four our first rental property?

[Kevin Zhang]

As potential first time investor, I wanted to ask for advice on how to finance ones first rental property? Did you refinance your first mortgage into one loan or did you take a home equity line of credit? what the pros ans cons? Currently my rate is 3.125% and have about 12 more years to go for a loan of roughly $250K. I was advised by my lender to play it safe refinance my loan from $250K to $750K and take out $500K and place an all cash offer on a potential rental property. However, I also heard people say maybe you should take out HELOC and refinance after a year to lock in fixed rate since it adjust up to 2.25% every year? I would greatly appreciate any advice on this matter. currently im looking into stockton or sacramento for multi family duplex triplex property but havent find any. so if you are agent that cAn help, please message me. Thank you! Kevin

[Johnny Lau]

@Vy Hoang vy I would be interested in seeing the numbers for Sac and Stockton. Fresno might be good too. I’m actively looking for my next property, I am surprised Cali people still invest here with out of state numbers being very good compared to here.