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Updated 3 months ago on . Most recent reply

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Elijah Morin
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Who offers the best heloc?

Elijah Morin
Posted

I have decided to look into a heloc, I'm a bit newer into realest state investing, I have completed a couple of fix%flips this year, I currently use hard money for the purchase with 10% down and I cover 100% of the rehab, with that said even just doing a couple of homes at a time, I find myself around 200k out of pocket, I think it would be a bit easier on myself and wife if we utilized a heloc vs just cash, my primary should appraise around 1.1m and my mortgage is 640k, I'm looking at pulling about 250k for a heloc, I don't want to refi the home and cash out as I only want to pay interest on funds as I use them ( I know I won't always be using the heloc cash) 

Any advice or even knowledge for people in a similar situation, and anyone have a referral for a Heloc?

  • Elijah Morin
  • Most Popular Reply

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    Jonathan Greene
    #5 Starting Out Contributor
    • Real Estate Consultant
    • Mendham, NJ
    7,586
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    Jonathan Greene
    #5 Starting Out Contributor
    • Real Estate Consultant
    • Mendham, NJ
    Replied

    The best HELOC usually comes from the bank where you have the most money or the one you have the best relationship with. There are a lot of shiny internet companies touting their HELOC, but you will do better with a local bank every time.

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