Buying Duplex with Heloc, refinancing to pay off heloc?
Using the BRRRR strategy, I am in process of purchasing my first rental property, a duplex with a heloc on my primary residence. I plan to quickly rehab at least one of the units then move to the next. When I go to refinance the duplex, would it be wiser to pay off my heloc or use the cash to pick up another investment property?
It's obviously quite stressful with so many unknowns being my first rental property and the units are in rough shape but in very desirable community which I think could work out well for me long term. The current rents are close to half of what market rents should be. One tenant has already given notice and will be out in a few days and the other tenant is looking because they know their rent will go up.
Thanks for the advice