HELOC / Home Equity Loans Minimum amount??

[Account Closed]

Hello!

I have been looking all over BP and cannot find a "HELOC Guide"? I should pick up a book about real estate finance very soon... Any suggestions? I know the Book with no and low money down from BP Might be a good buy as many real estate investors reference that book in their "favorite book" Podcasts.

My Question is : How much equity minimum do you have to have in your home in order to get a HELOC? I estimate that my home is around a $235,000 value (market appreciation and sweat equity in the ADU). The outstanding balance is approximately $212,000. Is $20,000 enough minimum to take out for a heloc? I am trying to buy another rental in 2021 and I know I will have more equity in the home by then as I live in a nice area that's appreciated at a healthy rate. My plan is to put money down with my savings + home equity.

Any input is welcome. Thanks!