HELOC Best Option - Rental Property

[Louis Hamilton]

Good afternoon, 

I currently live in the UK in a property owned here with my partner, I have two properties in WA- One is a long term rental property with no mortgage that I inherited in 2020 and the other is currently used as an AirBnb with a mortgage that I am still paying and have been for the past 4 years.

I am looking to sell the house that has no mortgage however we have to wait untill June for the tenants to move out and it is unlikely that it will sell before then as it needs some work done to clean it up for listing.

What are my options currently? I am looking to for around $150,000 to keep me going for the next six months while we await this property selling. Is my only option a HELOC and can I even get one on this property thats rented.

Many thanks

[Jonathan Greene]

Quote from @Louis Hamilton:

The property is worth around 800,000 and has no mortgage on it. We need the cash to mostly just tie us over untill we sell the property, so 150,000 is on the upper end; 80,000 and above would probably be sufficient. 

Once the property is sold we will be able to pay off the HELOC and will also have further funds coming in the following year. Where another issue arrises is I recently quit my job after becoming pregnant as they would not cover my maternity while overseas, my husband is employed however he works for a UK company and is British so would be unlikely to help us with the situation in the US.

If it's worth that much, taking a HELOC on it should not be an issue at all long-term or short-term as long as the bank will do it. It doesn't sound like it would be a problem to me.