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Updated over 4 years ago on . Most recent reply
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HELOC to invest with
I have a single-family home rented out that has good cash flow. I recently refinanced it to a lower interest rate and added a little more cash flow as well.
I am employed so I use the cash flow from my current rental for maintenance, improvements, and reserves for the property. I have about $125,000.00 in equity at this point.
I would really like to invest in my second rental property. I am trying to decide if I should use a HELOC to purchase a second rental property or just keep saving towards a down payment for a second investment property.
My current rental property is doing so well, I plan on holding it, so I am hesitant on pulling equity out.
The property I would invest in would preferably be a buy and rent-out property.
Any opinions or experiences ?