Heloc as a down payment ??

[Aaron Mostoller]

Huge bigger pockets listener and fan here !! First time poster!

I wanted to run something by everyone to get your opinion. I currently have 1 investment property - Mortage is 580, renting for 1200- super happy with this one.

Now I'm stuck in the saving phase for my next opportunity.. however I am in the process of getting a HELOC on my primary.. I can pull out about 50K.

A little background on myself - I’m a 1099 employee, wife is W2. We make average money but not enough to save for the next investment ( it would take a long time) .

As a person, I’m a very nervous person- the thing holding me back on the heloc is the debt/payment it will bring

My plan with the heloc would be to use it for 2-3 down payments for more opportunities . I live in NE Ohio where things are a good price (60K-120K for good 3 Br houses)

Would you continue to save and just play the slow game , or would you recommend pulling the trigger on the heloc ? Would you recommend something different in general ? Using the heloc differently ?