Options for a loan for my case?

[Kevin Aljic]

Hello, so I’ve found out that you can’t have a heloc on a rental. This my situation

I have a primary residence worth about 630k and owe 360k. My investment property is worth 340k and no mortgage, generates $2200 rent. I read about cash refinance but not sure if I want to have a term loan since I would like to buy and flip. My income is good but not sure if dti is strong. I do own a business that generates about 70 to 80k a month in deposits.

Any options out there that will allow a line of credit or is cash out refinance my only option?

[Nicholas Covington]

@Kevin Aljic Residing in Texas your options are extremely limited for a HELOC on investment property, to the extent that I still hear that they are not allowed.

I might be biased but I feel the easiest route is going to be a cash-out refinance on your investment rental. You can potentially get between 70-80% cash out on it and use that to leverage for your next purchases.