HELOC? Other Financing Recommendation? Please Help

[Lee Kozokas]

Hello Everyone!

I have a few properties which collectively appraise around $230K, with $42K of associated debt. 

I would like to obtain more properties. I have done some research and I am lean towards a HELOC on all the properties to unlock ~$140K (230-42*.75) for doing this. A HELOC will give me the flexibility of having cash for repairs, negotiation, ect.

If there is a better financing option PLEASE enlightenment me. 

Also, does anyone have any recent experience with a bank offering HELOCs/HELs? Any suggestions?

Thank you for the look!

-Lee 

[Stephanie Medellin]

Originally posted by @Patrice Penda:

Just a note on your calculation. Providing you can have loans secured on your property up to 75% of its value,  I think the correct  calculation is (230*0.75) - 42 : Which gives you 130k

 Yes Patrice is right on the calculation.  You can borrow a certain percentage of the total property value, not a percentage of equity in the property.