What are my options?

[Lee Nguyen]

Hey BP!

Here's the scenario that I might be in. I bought a place for 66,500 that was appraised for 75k at the time. Let's say this property becomes appraised again after rehab at 133000k. The equity in the condo is equal/greater than the amount left in the mortgage.

Is it a good idea with BRRR strategy to use that HELOC and pay off the Mortgage completely?

I don't plan on selling this unit.

After I've leveraged out the HELOC and the unit being rented, I could easily put 2k a month into paying off the HELOC. It all could be paid off in 2-3 years. As I'm paying off the HELOC, I'm freeing up more room in my equity to go for other deals and my required payments become lower than what my original mortgage after a year.

Once the HELOC is paid off, I can leverage out the condo up to 133k and use the 133k for other deals.

It makes sense in my head and on paper, I think. This scenario is assuming I'm living in a duplex and not paying anything out of pocket to live there. There's a lot of paths I could take, but this seems the most prevalent. 

Thoughts?