You might be drawn to using a HELOC to buy another property for the following reasons:You can borrow funds from your HELOC as needed. The type of property you can buy with a home equity loan or HELOC depends on your lender’s terms and your financial situation. Investment property: You might use a HELOC to purchase a rental property, multi-unit building, or vacation home. What are the pros and cons of using a HELOC to buy property? What are some alternatives to using a HELOC to buy property?