HELOC and then use Refi to cover it?

[Jan Chan]

Hi All,

This is my first post so be easy on me =)

Does it make sense to get a HELOC on the primary home and then get a Refi on an investment property to pay it off? I am currently holding two properties (one primary, one investment) and both of them have about the same amount of equities. I am researching to buy another investment (haven't found any yet) and would like to use a HELOC for funding. As everyone knows, getting a HELOC on the investment property is close to impossible so I will have to use my primary home. My problem is, I like everything about HELOC except for the variable rate. So after a deal is done, I am thinking to get a fixed rate Refi on the investment property and then use the money to pay off the HELOC. Am I being too conservative here? Any comments?