Cash out refi on top of Heloc

[Robert Dunbar]

Hey Everyone,

I got a heloc on my previous home to fund the purchase of an investment property. I’ve since moved to a different property and a few years have gone by. The property now has more equity than when I first got the heloc. My question is, if I pay off the existing balance on my heloc, could I a) close out the line of credit, and/or b) get a cash out refi on the new equity amount? I would use the cash to buy more properties of course. What would be the smartest move? Or is there perhaps another strategy I could use here? I’d like not to dip back into the heloc because it has an adjustable rate which is high right now, and wouldn’t be as large of an amount as my new equity after paying it off.