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Updated over 4 years ago,
Rental Property HELOC.......Is it possible?
I'm an experiences investor who has built a portfolio based on buying houses with cash. I have one house that has a mortgage, and that home has the most equity in it in my portfolio. I don't want to fully refinance the house because I don't want to restart that mortgage clock, but I know that I can do more deals by tapping into the equity.
I've contacted various banks/lenders and they are not budging on granting a HELOC because they want to be in first lien position.
I have a couple questions:
1. Is it refi or bust for me?
2. Any banks/lenders you'd recommend?
3. Any advice on next steps?
Thanks in advance.