Best Financial Strategy

[Josh Hall]

Hey everyone,

I am looking for opinions on the best strategy for my future plans.

I currently have around $100k in my home equity and $20k in personal savings. My plan is to renovate my current home, turn it into a rental, and purchase another property to live in for a few years, likely a fixer-upper.

My current home needs around $25k in renovations before it's rent ready. Should I pull out a HELOC in order to pay for the renovations, then use my personal savings for the down payment and renovations on the next property? Or should I use most of my personal savings to fund my current home renovations, then pull out a HELOC to fund the down payment and renovations of the next home I purchase?

I want to make sure I approach this in the smartest and wisest way possible.

Thanks!