1st BRRR Question

[Brian Pistone]

We have a 30 yr Conventional at 5.5% on a single bed condo unit that we rehabbed, rents at 1100 and have cash flowing 380/month (before capex-not sure how to calculate because HOA covers roof and hot water heater, we'd be on the hook for heat/ac unit).

I called all the local banks and found one that will HELOC 75% the appraised value without seasoning for 10yr fixed at 6.5% which would cut cash flow down to $60/month (again before capex, so this starts to look negative.)

I think I'm going to call around a bit more, but has anyone found a HELOC in NJ recently with better or longer terms?