Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 7 years ago on . Most recent reply

User Stats

4
Posts
0
Votes
Charlotte Bishop
  • Brentwood, TN
0
Votes |
4
Posts

Equity stripping question for someone in Seattle area?

Charlotte Bishop
  • Brentwood, TN
Posted

Hello all, 

I wondered if anyone could assist me with a resource for this conundrum :)

I own a cash flow positive SFH rental in Seattle that I'm trying to pull equity from for more investing (flipping) outside the state. I also now live outside the state (in Tennessee).

The issue is that I currently am not earning W2 income to pursue a typical HELOC from it. Also, I attempted to reopen a line I used to have on it years ago, but the credit union I worked with no longer allows this for out of state residents anyway. I'm pretty leveraged otherwise, with both one additional rental and a primary home here -- both mortgaged and with a HELOC.

Any creative strategies?  Current value of property is around $500K, only loan on it is a primary with $199K balance.

Thanks for any advice!

Charlotte Bishop

Loading replies...