Using a HELOC?

[Lacee Beitler]

Hi Everyone! Happy Friday! Question about a HELOC: My husband and I currently own 2 duplexes and have a triplex under contract. We are using a conventional loan to cover 80% of the deal. For the remaining 20% + closing costs, we have to get creative :) The two duplexes we have owned for 1 and 2 years, and there is a lot of equity in each (bought through conventional loans by ourselves) Can we use a HELOC on one/both to cover the downpayment/closing costs on the new triplex? (By the way, We can use private money, but the cash flow takes a big hit. If we go this route, we have never used private money and would need some help constructing and executing that part of the deal :) how does it work? What are some examples of this, what does it look like? What's typical repayment time? Etc. ) Thanks in advance!