Hi BP forum!
I am incredibly new to real estate investing, still in the "read all the books and listen to all the podcasts" phase. I've been hearing a lot about using a HELOC to invest in deals. We have a good amount of equity in our primary residence so it sounds appealing but I'm having a hard time wrapping my head around all of the details.
Could someone explain the process of paying off your HELOC once you refinance your investment property?
Also, lets say we are approved for a HELOC but never use it. What happens then? Do you have to repay the amount you were approved for regardless on if you use anything? Once paid off, can you access these funds multiple times?
Any other HELOC information you have would be great, or just other creative financing ideas in general.
Thank you!
