When to HELOC for 2nd deal

[Andrew S.]

Hey community,

I've finished my first deal house hacking and looking for my second deal. I'm looking to purchase a 2-4 unit rental property in Montana with seller financing, or FHA or confidential mortgage.

I'm looking to fund the down payment and renovations with a mix of savings and a HELOC. I have an estimated ~$60k of available sweat equity to use from my house hack. I have $30k of savings and increase it by $3k per month.

Should I obtain the HELOC now before a possible market correction (and possible loss in equity) for cost of $1000 or wait to see if I'll need that additional money at all for deal #2.

If I buy a property for $200k to $400k that needs rehab, I'll probably need additional funds. Just depends when I find that next deal. I assume it makes sense to obtain HELOC now and not use any of the available money.

Thanks!