Heloc on rental properties

[Dan Leaman]

hello biggerpockets community,  I am looking for information regarding Heloc's on rental properties.

Who offers them?

Pitfalls I should be aware of?

Helocs vs cash out refinance?

I own property outright have a solid tenant and I have equity sitting there staring me in the face daring me to use it somewhere else.  I am looking for options that do not require selling my unit. 

Any heloc specialists here?

Many thanks in advance.

[Daria B.]

Originally posted by @Dan Leaman:

hello biggerpockets community,  I am looking for information regarding Heloc's on rental properties.

Who offers them?

Pitfalls I should be aware of?

Helocs vs cash out refinance?

I own property outright have a solid tenant and I have equity sitting there staring me in the face daring me to use it somewhere else.  I am looking for options that do not require selling my unit. 

Any heloc specialists here?

Many thanks in advance.

Hi Dan-

I got my HELOC from Regions Bank - if they have one in your area it may be worth a conversation with them. They do offer on rental investment properties.

My experience with them has been very good. Of all the lenders I don't see anything different too much in what they offer. The biggest thing was the option of getting it on a rental versus primary. They have the usual 10 yr draw p&i or just interest - they paid for closing costs and appraisal. They issued a card that is used like credit card. I get a statement every month even if there is no balance - regulations.