Using a HELOC and then refinancing

[Elise Wheeler]

Hello,

My husband and I just purchased and are living in our first Duplex with a huge attic to renovate and make it a triplex. We used a conventional loan with 20% down. After researching HELOCs I am thinking about doing a HELOC on our property since we are living in it, and using that to renovate the attic. Once the attic is complete I would like to refinance our duplex to either pay off that HELOC or purchase another multifamily property.

Our next plan was to do another house hack next year, so I am not sure if that affects a HELOC since we won't be living in that property? I feel like there's a lot of moving parts in this idea and would like to see if anyone else has advice on this path or if someone did something similar but took a different route?

Thank you in advance for sharing :)