Updated over 8 years ago on . Most recent reply
First time buy and hold using HELOC as down payment
I have been on this forum for about 3 months now trying to learn as much as I can. I am looking at making my first sfr buy and hold and have a few questions still unanswered.
I will be using a HELOC to make my 20% down payment on a 200K sfr (ARV of 225K). I am anticipating a monthly cashflow of approx $200.
I am trying to figure out how to pay off my heloc within the 5 year interest only period so I can use the $$$ to put down on another rental.
Is this where I would try to refinance the entire price of the new home?