New investor needing advice HELOC or loan
I've been listening to BP, sitting with investors, reading, and learning for a year now. I'm frustrated that no one ever told me about RE investing before but now I know and at 52, decided we will be moving out of our current home so we can rent it out. My wife and I have bought another home we will move into, have rehabbed and feel confident we can rent it out in a year for a very good profit as well. Or we may stay in this new home for a while and refinance the first home that has about 100k in equity. My question is, should I get a HELOC so I don't pay unnecessary interest when I use it or a home equity loan which may leave me with extra tax-free money to add to another BRRRR if I get a low enough home price and rehab for another home? In other words, if I get a home equity loan of 80k but am all in at 70k for a house and its rehab, I could still have 10k left towards another home. Would very much appreciate all of your input. Thank you for your time.