Is a HELOC an option?

[Andrew Schafer]

Full disclosure, my credit has taken a toll during the last two years. For the last year I have consolidated date, gotten rid of credit cards, and gotten on top of bills. My credit is now a 645. I owe about 67k on my house. Depending on the market it’s worth about 160-180k. I bought my house with the intention of moving to something more favorable to my needs. I understand a heloc can offer up the 80% of equity. That got me thinking, I could get one, have it available in case I find a property I like. Then use it for the down payment, closing costs, moving expenses etc. then use the rest to touch up my current home and get a tenant. Is this a legitimate thought or just crazy?