Newbie - Finance Options

[Mario Arellano]

Hello, new investor and I'd like to get your advice / opinions / or experiences on this topic. We have a property in southern California with a good amount of equity that I was thinking of using for a HELOC. I would like to use the HELOC to buy a property and utilize the BRRRR method. The mortgage broker who we spoke to did not recommend a HELOC for our plan. He recommended to utilize a cash-out refinance on the property or classify the rental property as a 2nd home and obtain a mortgage with 10% down.

I'm leaning towards speaking to a new broker to obtain a HELOC, however, I would like to get input from the community.

I appreciate your help

Mario