Heloc or Hard money loan

[Toni Hogan]

New investor looking to purchase my second rental property. This one will be out of state. I'm currently looking in Ohio. I'm in the process of getting a HELOC on my primary residence. I've owned it for 12 years now and the idea of using it as collateral to make a purchase has me nervous. How easy, or difficult, is it to refinance an out of state rental that was initially purchased with a HELOC? I'm also considering using a hard money loan. Does anyone have any experience with purchasing an out of state rental with either of these methods and what's your advice?