HELOC on a great duplex

[Christen G.]

I'm not sure how "creative" this is, but is there anyone out there doing HELOCs on duplex's? I have a great property paid off and I'm looking to grab some equity for the next deal. I've heard a few no's on my first round of calls and 1 "possible Commercial Real Estate Line of Credit" - but did HELOCs just dry up on rentals?

[Clayton Silva]

Great question Christen!  As someone who gets this question about 15x a day I feel especially qualified to answer haha!  HELOCs on rentals basically dried up.  The alternative is a HELOAN on an investment property, but that wouldn't make much sense in your case if the property is paid off.  HELOANs really only make sense when you have a high balance, low interest rate 1st position mortgage.  There are still other ways to tap into that equity.  What is stopping you from a refinance if you don't mind my asking?