Rehabbing North Dakota and Minnesota via HELOC

[Glenn D.]

BP Family,

I was recently re-minded of the HELOC and have found success with 1 lender in North Dakota which is working out fantastic. Has anyone found other HELOC or similar sources for Upper Minnesota and or North Dakota. We are in Grand Forks ND and East Grand Forks MN.

[Michael Schmalzer]

IMO this is an underutilized approach for cheap cash. Especially if you have other sources of income that could, in theory, float the property if need be.

Try community banks in the areas you're looking; they will often be much more receptive to this type of financing. Just make sure you make some principal reductions to the HELOC, otherwise they may ask you to term it out as the line is not being used as a "revolving line of credit".

Feel free to reach out if you ever venture down to the 7 county metro area.

Best of luck Glenn!