HELOC option for our next investment purchase?

[Mario Arellano]

Hello Members, I would like to ask for your experiences/stories/advice on HELOCs. We have 2 rentals with a large amount of equity and a cash out refi on one of them fell through b/c the property is no longer our primary. Besides the option of selling them, we were looking at a HELOC to use the equity on our next investment purchase. Can you your share your experiences if you pursued the HELOC option? Are there penalties or fees to look for if we want to pay the money back early? Do we go with a variable rate or a fixed rate? Our plan is to use the money to purchase our next investment property all cash, do a BRRRR, and pay the money back to the HELOC upon a refi (after repairs). I appreciate your insight.