Quick Intro & Game Changing Heloc Strategy???

[Kyle Seidel]

Hello everyone! I am 29, live in Wisconsin, have a flexible full time job, part time job, invest in stocks, and have been owner-occupying a duplex for the last 2 years.

My current 30 yr. mortgage strategy: Pay $950/mo. to only build $200 in equity/mo.; save money in a checking or money market account earning virtually 0; wait for years and years until I get a 20% down payment for another property...

The Heloc Strategy I'm looking into: I am looking into converting my current mortgage into a first lien Heloc. My hopes are to keep finding duplexes and use my equity I've built with my current duplex to fund future properties much more quickly than with waiting years to save tens of thousands of dollars for a down payment. Using Heloc's looks to shave a lot of years off of my  mortgage as long as I use it like a checking account (all my income goes to it and when I need to pay for something I can take it from there). This would shave big chunks of the principal down and would therefore also shave tens of thousands in interest that I would pay. Being able to access my $37k in equity and in essence keep transferring that equity from property to property would be great.

Has anyone used this Heloc strategy? Even better would be if you know about Wells Fargo. I have all of my banking set-up with them and sat down with someone there who gave me some good information but it was concerning how she worked there for 29 years and had never heard of anyone doing this strategy...

If you have used this Heloc strategy please go in depth with all of the ins and outs of it, thanks!