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Updated over 3 years ago,

Ryan Cleary's profile image
Ryan Cleary's profile image
Ryan Cleary
Agent
Pro Member
  • Real Estate Agent
  • from Palm Beach County, FL
  • Member since Feb 7, 2019
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360
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323
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Ryan Cleary's profile image
Ryan Cleary's profile image
Ryan Cleary
Agent
Pro Member
  • Real Estate Agent
  • from Palm Beach County, FL
  • Member since Feb 7, 2019
Connect
Ryan Cleary
Agent
Pro Member
  • Real Estate Agent
  • Palm Beach County, FL
323
Votes |
360
Posts
Creative Real Estate Financing

First HELOC on my rental property

Ryan Cleary
Agent
Pro Member
  • Real Estate Agent
  • Palm Beach County, FL
Posted

So I have a property that I assume to have a value of $300,000. My current mortgage is $162,000. Doing the math, a 70% LTV would land at $210,000, an 80% LTV would land at $230,000. This essentially means I could have a HELOC around $50k - $80k.

I am thinking about taking a HELOC out to purchase a short-term rental. The incoming rent is more than sufficient to cover any extra monthly fees incurred from the new loan product.

Where do I get started? Is it hard to find lenders giving HELOC products for rental properties right now?

  • Ryan Cleary
  • [email protected]
  • 561-850-8229
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