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Looking for Heloc or Line of credit on Investment Property
I have my main home(duplex) I live on one side with roomies and other side is rented out. I am at 77% LTV on it. Worth $560k I owe $430k. Loan is at 6% APR for 30 and I dont want to refinance it unless I could get close to that. I also have another single family home that is an investment property. @ 42% LTV on this one. Loan is at 2% APR for 30. Worth $525k and I owe $221k on it. I also own a UTV and a snowmobile. I have a healthy 401k as well. Looking to leverage these properties and anything else I can the best I can and build a relationship with someone. Im on my 6th home and wish I never sold the other 4 as I would probably be a millionaire right now. Shame on me.
What I am trying to do.
I am looking to open a Heloc or Line of credit on the investment property or both. I make great money on my W2 job. I have virtually no debt but the cash flowing homes. My combined mortgage payments for both properties are $4000 a month. Current total rents is $4450. In May of next year I will be at $5k in total collected rents.
Properties are located in Idaho. I am in Idaho. Any help would be awesome.
We have a sweet program for both of those! The primary residence will not have much we can tap into, but it is doable, and we have a few different options.
Conner, what did you find out with this? Did you find anyone to loan on the investment property?