1st project, insight on right loan product

[Skher Brown]

Hey guys. I've been on BP for a while and am loving it. You guys are an amazing resource! Scenario. I live in a duplex in Baltimore, Reservoir Hill neighborhood and need $30K to fix up the property right and rent the second unit. I need feedback on the best loan product for my situation. Funding needed: $30K ARV: $200K Outstanding Chase mortgage: $30K, 2% Monthly note: $719 Market rental rate: $1200-1400 Add'l background info: I got a no for a HELOC from my mortgage co and a couple other big guys because I had a HARP loan modification in 2013. Also, my DTI was marginal because of my self-employment income. But I've since improved that and my current DTI is 28% (monthly income is $3750). FYI, banks I approached wouldn't consider the ARV rental income unless I could show 2 years of history receiving it. Not investor friendly... My credit score is somewhere around 675. Option 1 ?? I could try for a refi but my interest rate now is 2%, thanks to the loan modification. (It will phase up and fix at 4.125% in 2020.) Option 2?? I'd really prefer the HELOC option because access to that equity will allow me to launch my REI career in earnest. Option 3?? I've also received the suggestion of going the 203k limited route since the amount I need for the rehab work is under $35,000. (Can I DIY a streamline? I need this done fast and cheap) Other options ?? Time is of the essence BIG question: I feel like I might be approaching the wrong lenders. I've been told that I might have better results with a local bank. If you're local to Baltimore, suggestions on local lenders to approach..? Thanks in advance for your interest.