Great Lenders for Helocs

[Scott Goulet]

Hello BP! hope everyone is having  a great start to 2022! 

my goal for 2022 is to purchase a 16 unit apartment complex somewhere in Missouri, possibly Kansas City or Saint Joseph. A 16 unit apartment complex will probably run between $800K and $1million. 

I currently have about $80K saved up and can save about $4k per month, so if I just straight save, I may be able to still grab one by the end of the year. 

However, another strategy I have heard of is using a Heloc to purchase investment properties. 

My primary residence is worth about $350K and my mortgage balance is $250K, using the standard formula/LTV i have heard around the bp community that lenders will typically do 70/30's or 80/20's. So I should hypothetically be able to get $70K-$80K as a heloc, correct?

I have called any lenders yet, however, on their online calculators, I have seen like $20k as the highest heloc I can get, so I am not sure if I am thinking about this wrong? 

I have a 813 credit score and my income between my wife and I is a little over $200k, so I wouldn't think we dont qualify for more? 

Please let me know your thoughts on my Heloc strategy 

im based in Port Saint Lucie Florida! nice to meet you :)