Thank you for sharing W Stephens,  I was pondering taking out a Heloc on my personal property at 2.8 %, 50,000 minimum draw requirement to be maintained for 3 months, at this time I only need about 10,000 of it, would doing so at this time be a bad move?

I’m looking at buying a secondary lien (HELOC) via foreclosure auction.Would I then have the right to pay off the first lien and own the property outright?

We talk about buying a house only making 27k a year in VA and how i got a HELOC on that house and how I used that to buy my first rental property.

I would build the garage for myself and enjoy the perks for the 2 years... you will probably increase the value in the current place for you to use a heloc for getting the next place.

I think you bring up some good points and I'm strongly considering holding on to the property and either doing a cash out refi or looking for some sort of HELOC.

What I've got so far is a 40% HELOC from BMO Harris, it's difficult, it took me 4 months :(

HELOC is armed based though.

Get HELOC based on your equity.

Or, what was the size of the HELOC you were looking for ?

I just finished listening to all of the bigger pockets podcasts, @Brandon Turner you are ridiculous btw, which I found quite helpful.I just contacted my mortgage broker today to see if I can get more information on a heloc since I have a primary residence.