Accessing equity in multi-family properties

[John Good]

I have a few duplexes that I refinanced in 2020. I locked them in at sub 3% 30-year fixed rates. The last two years have been crazy with appreciation and now I am looking at different ways of accessing the equity in those properties.

Should I complete a cash-out refi and deal with 7%+ rates? Are HELOCs available on investment properties in Wisconsin? Other options?

[Chris Davidson]

@John Good with out knowing numbers it is hard to tell. Do you have enough equity to refi one property and have the other free and clear? If so this will make getting a LOC easier, and all you have done is move debt around on paper.

The difference between a HELOC and a commercial line of credit doesn't matter to you both are lines of credit. Go to a couple banks and let them know your situation and see if they can help you with getting an answer each bank will have different options some may be able to while other not.

If you don't have enough equity to clear a property you might still be able to get LOC's and keep the same rates, but again you will have to get with the one who is giving you the credit or funds.