Recently several of my investor clients have leveraged equity in their primary or investment properties as down payments for purchase acquisitions by obtaining a HELOC or fixed rate second mortgage. 

For those that don't know, group homes are single family homes that house "by the bed" and therefore come with many benefits, the primary being that they bring in anywhere from 1.5x - 2x the monthly rental income that a standard single family home would. 

@Chase Wright do you own a primary already?

. :-)  Assuming you have your basic underwriting skills honed, and you find yourself with no plan, or a primary plan that doesn't work, here is what I would do:1. 

Alternatively, can you purchase a new primary residence with a VA loan and use your current one as a rental? 

I'm wondering who the primary target is for a 3/2 home in these areas? 

The primary reason I make offers is RE is like my hobby.  

Hi Cindy, Would the heloc be for a primary home or investment property? 

@Michael Kattouah how is this any different than doing the exact same thing on a primary residence with a mortgage?

BECAUSE THE CITY DOES NOT ALLOW STR UNLESS THE HOME IS YOUR PRIMARY RESIDENCE!!!