Newbie Strategy Question - Is this feasible?

[Thomas J. Clifford]

Hello all - Happy New Year!

I'm in the process of getting capital together in order to buy my first investment. If I wait much longer I'm afraid I'll be stuck in analysis paralysis forever....

In my market in Gainesville / North Central Florida, rural properties that are typically manufactured homes range anywhere from 80k to 150k on the top end. In the city, lots of SFH and condo properties range from 100k to about 350k....

I currently owe a little over 100k on my primary residence and have been offered a refi at a lower interest rate with a cash out at approx 45-50k back. My intention is to use that $45k to update my primary resd a little bit and then use the higher value of my home with these renovations to increase the limit on a HELOC that is based on the value of my home. Projected spendable capital at the end of that process would be, I think, about $30-45k ish....

My question is this: If I were to update my primary resd and subsequently HELOC it, then purchase an investment to attempt to BRRRR, is this a reasonable strategy? Is there something I'm missing? Am I counting on some equity that isn't actually available? Can I also HELOC the investment property as well, giving me available capital for investment #3, and replicate the process over and over from there?

Or is this a terrible idea because of the added debt in my debt:income ratio?

T.