HELOC from 1st ever rental to do 2nd rental

[Chris Momongan]

I just moved home and living with my parents so I have no primary mortgage. I just completed my first BRRRR deal last month and about to complete rehab on it next week.

I bought it for $87k with 25% down pmt (21.7k) and paid 35k in rehab costs, so all in around 60k after closing costs. We're expecting ARV to be 150k.

I was planning on refi but wondering if HELOC is a better option with current interest rates at around 7-8%. I'd still cash flow with refi but I'm not sure how to do the numbers if I did HELOC to pay for down payment on purchase +rehab on next deal. I went to REIA meeting yesterday where I got connected to a lot of hard money, local bank, and private lenders and I couldn't sleep last night thinking of all the possibilities. One local bank said they have no seasoning period on refi so I wonder if that applies to HELOC. Not sure how it works, so can someone tell me their experience using HELOCs from freshly rehabbed deal to scale to next deal? Thanks