What is the Process for getting a HELOC on an Investment Property

[Andrew Katz]

I'm looking to do a third house hack/BRRRR in the next 2 years. I plan to utilize some cash, margin loan, 401k loan, and a HELOC as a down payment.

My first house hack (now an out of state investment) has a Zestimate of $530K, and I have $266K left on the loan. Assuming I get an appraisal of $500K, I have ~$110k (75% of appraised value minus the loan) I could tap into for equity for a HELOC.

Question: What is the process for getting a HELOC?
Folks say use a local lender. Is that local to me? Or local to the property?
Do I get the appraisal? Or will the lender do that?

[Chase Olson]

Hey Andrew, i found the heloc process to be very simple, my local lender did 95% of the work for me! Location shouldnt matter too much for the lender. My lender did not need an appraisal for the Heloc, but yours might. First step is to find a lender you would like to work with and just ask them!