Cash out REFI on primary with HELOC, instead of duplex?

[Brian Ellis]

Has anyone done this? I have to wait another few months before I can refinance the duplex I just bought and renovated.

The only reason im asking if I can refinance my primary with the HELOC, is because id be able to cash out more money to pay off the HELOC completely.

If I refinance the duplex in 6 months, with a 75% LTV I will only be paying off about 70% of the HELOC I used for the down payment. I don't think I was able to add enough equity to get back 100% of my initial investment.

Please share your thoughts or experience, good idea? Bad idea?