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Updated about 8 years ago on . Most recent reply

User Stats

29
Posts
8
Votes
Paul Flynn
  • Naperville, IL
8
Votes |
29
Posts

HELOC FOR INVESTMENT

Paul Flynn
  • Naperville, IL
Posted

Hello All.... Im looking to use a HELOC against the residence im now living in to finance purchasing a Duplex..... My question is once i use my HELOC ( Im probably going to use close to 100% of it ) and get my first property how can i finance a SECOND rental investment property.... has anyone gone my route or do i have to pay off the first HELOC then open another one.... which i know is probaby the smartest and least expensive thing to do.... Thanks in advance!

Most Popular Reply

User Stats

77
Posts
39
Votes
Steven W.
  • Program Manager / Investor
  • Charlotte, NC
39
Votes |
77
Posts
Steven W.
  • Program Manager / Investor
  • Charlotte, NC
Replied

Paul Flynn

I recommend refinancing after the remodel and seasoning period and put the funds back into your HELOC.

If you are not doing any remodel I recommend paying the HELOC off before your next investment.

Not doing so may stretch you too thin and cause financial issues.

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