HELOC for BRRRR Method

[Ashley Cao]

Hi fellow BP-ers! I am a new investor looking to get your advice on my current situation: *Paying mortgage on my residence that has about $250k in equity *Not much cash on hand *Interested in BRRRR method or flipping *Targeting out of state because the Bay Area is nuts ;) 1. What are your thoughts about using a HELOC for first investment property? 2. Could you illustrate what the process would look like if using a HELOC? Would you refinance, pay back heloc, then draw again? 3. What would be the pros/cons of HELOC? 4. What are ideal terms for a HELOC? 5. With my situation, would there be any other strategies you recommend? Thanks in advance!