All Forum Posts by: Thomas W.

 Hi Barry, my mistake. I meant to just comment so I could follow the thread as it was updated. I want to hear how this other person‘s experience turned out

Yes, I'm fairly risk averse so taking on a HELOC long term is daunting.

 Sorry–Long term rental

 Long term buy and hold

I posted yesterday, but want to be more specific. I'm hoping to invest in a buy & hold property using a HELOC from my primary home as the down payment. I am not house hacking.

This means that's I will get less favorable rates AND will be covering a HELOC + second mortgage with the rental income, which seems difficult. My goal is to at least have positive cash flow while I build equity in the investment property.

Has anyone successfully purchased a buy & hold with this strategy? I’d love to connect.

 Could you expand on this:

1. Why is getting a line of credit difficult? 
2. What do you mean by getting a DSCR loan? Is this in addition to, or in lieu of getting a HELOC to finance the downpayment?

I am looking to use the HELOC to take the equity from my primary residence and use it as a down payment for an investment property. I am not in a position to use the investment property as my primary residence to house hack so I realize that the interest rates will be less favorable.

Has anyone made a deal work using a HELOC as a down payment for a buy and hold property?

How difficult was it?

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