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Updated almost 5 years ago,
HELOC Down Payment Advice
I know this has been discussed and I have read a few of the posts in the forums but my answer still has not been answered. In speaking with a friend, he mentioned using a HELOC from my primary residence to put money down on an investment property. Then, taking a HELOC out on the investment property, after doing some rehab to the property, to pay back the HELOC on my primary. Then calculate the HELOC into my expenses on the investment property and pay it off over time. So now, I would have a mortgage and a HELOC payment on the investment property. How long would I need to wait to REFI the investment mortgage to incorporate the HELOC?
Am I thinking of this all wrong? Is there a better way? I do not have the cash to purchase a multi-family in my area outright to BRRRR a property or is my understanding of the BRRRR incorrect? I know there is the book, which I plan to read after reading the current one I am reading. Any help/advice is appreciated.