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Updated about 3 years ago on . Most recent reply

User Stats

19
Posts
9
Votes
Lucia Lilac
  • Rental Property Investor
9
Votes |
19
Posts

HELOC on Investment Property in Rochester NY

Lucia Lilac
  • Rental Property Investor
Posted

Hello BP!

I found an amazing deal on a 2 family investment property that I would like to BRRRR. I have enough money for the down payment and reserves but not enough for closings costs (approx $20,000). I own my coop paid in full but it is too short notice to get pre-approval for a HELOC (It will take 4-6 weeks to get approved), so my only other option currently is to take a HELOC out of one of my two family investment properties, I currently own 3 two families. I am having a difficult time locating a bank that will let me use a HELOC from one of my investment properties, normally they only do it on Primary Residence. Anyone have any suggestions on who I can call to make this work? I don't want to let this deal go. This property is located in Rochester NY, thanks in advance!

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