HELOC and Refi on Investment Property South Jersey / Philadelphia

[Daniel Kent]

Hi All!  

I have one investment property that I refinanced over a year ago to a 15 year note.  At the time, my goal was to shorten the term of the loan.  In doing so, the property does not cash flow too well, but I do have equity in the property.  

I am looking for my next deal (ideally a BRRRR property), and would like to free up some cash for the deal. If I did a refinance with cash out on my current property, it would not cash flow any better, and would extend the loan to 30 years. Since I do not have a deal lined up quite yet, I did not want to be paying interest on the cash out, until I had the deal. I think my best option is to get HELOC on the property, so the cash is available, but not costing me anything until I find my next deal. Any recommendations for local banks in South Jersey / Philadelphia area that do HELOCs on investment property?

My second thought is to do a separate refinance (no cash out), to a 30 year loan, lowering my monthly costs and increasing my cash flow. Would a refinance restrict my ability for a HELOC?

Thanks in advance!