HELOC in Raleigh, North Carolina

[Tony Gunter]

Hello BP Crowd,

Quick question for investors that work and hold notes etc. in Raleigh North Carolina.

Who would be at the top of your list if you needed to get set up a HELOC on a property in this area?

Thanks for the feedback.

Tony

[Jiri B.]

@Tom Regal HELOC is meant for your primary home only. If you have enough equity in your rental property, you best bet might be to just get your lender underwrite that property and use it for downpayment for the next property. When i do this, i usually just bundle both properties under the same loan and handle both transaction with the same closing (doing it all at the same time). But since its investment property, you will be typically able to get only about 70-80%LTV on it, so unless you can pull out at least 50k to pay for the next property, it might not be worth it.

@Jermaine Artis I also use CFCU, they are great as long as you only work with your primary home or have very simple investment structure (aka 1 another home).