Looking For A Rental HELOC In Cleveland, OHIO

[Dwayne Chappell]

Hello,

I currently have 1 rental property in Euclid, OH that has an interest rate of 3.1 so I am not looking to do any sort of refinance cash out. However, I would like to possibly tap into the equity with a HELOC so that I can use some of the funds to work on growing my rental portfolio as right now the equity is pretty much-parked cash that I would like to deploy.

The current loan is about $99k and the conservative current sale price based on comps in the same condition would be about 170k. If I were to put a little rehab into it Im sure it would go for more if sold.  I currently have a tenant in the home.

I was hoping to be able to get a $20-$30k Heloc.

I am also self-employed without a w2 income currently but I am considering getting one soon just to make this process easier in the future as I grow the portfolio.

If you have any ideas, guidance, or lenders I would appreciate the feedback. 

Thanks,

Dwayne

[Patrick Drury]

@Dwayne Chappell
Investment HELOC's aren't very common, let alone ones that are below 100k. You might have a tough time getting an investment HELOC on the property. I would recommend messaging lenders here in BP and see what they have to say.