How to use equity to fund new development.

[Eric Mcginn]

I have a duplex in Maine that I have a ton of equity in. It also has a mobile on the property, all three units are long term rentals. 
I want to use that equity to get a loan to pay for a well, septic, and mobile home at a property I bought in Joshua Tree, San Bernardino County California. 
I've never done a HELOC before, is that what I should be looking at for this project?

[John Cardinale]

Quote from @Eric Mcginn:

I have a duplex in Maine that I have a ton of equity in. It also has a mobile on the property, all three units are long term rentals. 
I want to use that equity to get a loan to pay for a well, septic, and mobile home at a property I bought in Joshua Tree, San Bernardino County California. 
I've never done a HELOC before, is that what I should be looking at for this project?

Yep I like the idea of a HELOC also. Further, if you have enough equity there, you could use the HELOC funds, as a down payment for new loans to complete your California projects, and then find a few more projects to do, all using the HELOC as down payment money instead of thinking of it as the main funding for the project and deploying 100 percent of the HELOC in one spot. 

I've used a HELOC for heavy renovations before without renovation loan. One of the negatives with this strategy is there isn't a third party inspector involved which there would be if I had used a renovation loan. With only a HELOC you would be the one deciding if your contractor has completed enough work for the draws requested. From my personal experience, this was challenging and I much rather not carry this burden.