I Have $30 K In A Heloc...How Should I use this?

[Quinell Dixon]

Hello all,

So I have a $30,000 HELOC (I believe at 8%) and I want to buy another property (SFR) for my family to live in. We currently own a property that we are going to rent out and after expenses and such we should cashflow around $250/mo. We want to use the HELOC as a DP on our next property (that we will live in) and hoping to have enough left to use to buy a camper trailer and rent it out as an AirBNB to offset our mortgage a little but if we could. The hope is that by using that HELOC we can find a home we are willing to live in for the next year or 2, collect income from the trailer as cashflow or a "house hack." We then hope to re-fi the home when rates become better, and hope that the savings in monthly mortgage payments will increase the cashflow from the potential Airbnb. In this market this is the most creative thing I could think of......And before you ask, we do NOT have enough money for a DP on the home. Thoughts?