Should I use a HELOC for a second investment property?

[Ray Rodarte]

Hi everyone

I currently have an investment property that is about 50% paid off. I would like to put a down payment a second property using the equity in my first property and am wondering if a HELOC would be the best option. I've read that it may be difficult to get a HELOC or Home Equity Loan on an investment property. I currently live in an apartment as my first property is too far from work. My plan was to stay in the apartment and use the second property as another investment property, but I am open to living in the second property if it makes it easier to get a home equity loan.

My wife and I recently graduated college and have reliable, well-paying jobs. We dont have any other assets, just student loan debt. Our credit scores are around 775.

Any advice on using the first property for a down payment on a second property would be very much appreciated.

Thank you.