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Updated almost 6 years ago,

User Stats

15
Posts
7
Votes
Patrick Reynolds
  • Real Estate Agent
  • Washington, DC
7
Votes |
15
Posts

I moved before Refinancing out of my BRRRR, now what?

Patrick Reynolds
  • Real Estate Agent
  • Washington, DC
Posted

Hello BP,

I did an FHA conventional on a property in Worcester, MA in 2016. I purchased for $216,000 and had financed the repairs on an introductory no interest CC over the next year to rehab the property. Last year it was appraised at $300,000 and I took a $15,000 home equity loan out to pay the credit card before the interest came due. I got a great job opportunity in Washington DC and relocated for it, but in the shuffle did not refinance before I left my primary residence and left out that "R". I have it rented out and a property manager taking care of it, and it is cash flowing nicely, however only owing $199,000 on it and with recent comps in the neighborhood going for $325,000 I am sitting on some serious equity and would love to get a HELOC on it for my next investment or a home down here as renting is crazy expensive. Unfortunately, I am having trouble finding a lender who will do a HELOC on a multifamily investment property out of state. Any suggestions?

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