Is now a bad time to buy first investment, using HELOC?

[Account Closed]

I can grab around 250,000 of equity on my primary home, using a revolving HELOC at 3.25% variable.

In my market, this will only fund a down payment. 

Is this a good time to be doing this, considering there’s a recession on the horizon, and rates will only rise, and property prices are at historic highs?

Trying to figure out if it’s a good idea, or if I’m over-leveraging and should wait until things cool, or possibly wait for foreclosures to hit the market?