Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 8 months ago,

User Stats

9
Posts
6
Votes
Aaron Gallington
6
Votes |
9
Posts

80% LTV Duplex Cash out refi

Aaron Gallington
Posted

New here on forum, so hopefully this is the right place to post.... My basic question is does this exist?

When I purchase my rentals, I have/use a large HELOC that i have on my primary residence to pay for the investment property in cash and also use the HELOC to renovate the property. Then the idea is that i will have the equity in the home after renovation to use as my "20%" when I refi, get the 80% back in cash and pay off my HELOC with it, then do it again. It usually works out that way, or i end up coming up with a smaller amount in cash to supplement.

The property: I have a duplex that i purchased in Washington end of last year. Paid $270K for it initially with my HELOC and used an additional $70K from my HELOC to renovate the property. I had a couple market studies done by some real estate friends and property after renovation should appraise at $425K or more when i refi. Both units are rented out at this time, for a total rental income of $3,600 per month. In about a month i hit my 6 month seasoning date to be able to do the cash out refi. 

I have a few single family homes that i purchased in the past couple years that i did this same concept on with purchasing/financing, remodel, and refi, but want to know if there is anywhere i can do the 80% LTV on a duplex. This is my first duplex and everywhere i have checked so far is saying they do 70% LTV on a duplex investment property. I would really like to do 80% LTV if i can find anywhere.

Any input or insight is appreciated!!

Loading replies...