Using a HELOC for the first time

[Bradley Rieger]

In the fall of 2020 I did my first deal using the House hack strategy. I bought the place with my friend and have lived here for a year. We did a lot of renovations and with the price increase in the market we should have a good amount of equity in the property.

We are going to take a heloc on the property. does the bank have to look at both owners financials to pull the loan? We each want to use the money to purchase our own houses. Are you allowed to use the money on a house if you're not the one who pulled the loan?

Thanks!