Good time to take out a HELOC ?

[Matthew Platon]

Hello everyone ! 

I been thinking about taking out a HELOC on my current primary residence (Two family) . Is it a good idea ? Or should I look into other creative financing options? My two ideas are one to search/purchase another multi family unit and house hack. Or two make improvements to my current property. Such as upgrading the HVAC system in both units and other items that are value add and could increase rental income. I'm located in central NJ . Let me know your thoughts or idea's ! Thank you !

[Matthew Platon]

Quote from @Denise Supplee:

Hello Matthew, 
HELOCs tend to have lower interest rates with greater payment flexibility. However, to purchase an investment property, a HELOAN may be better in order to leverage your assets, increase your income while sustaining your cash flow. Just make sure and run the numbers!

Hi Denise,

Thank you for the tip and will look into the HELOAN option !