HELOC and Property Values

[Derek Askew]

Hey BP community, 2 Part questions with a bit of a background story:

Wanted to get a grasp on HELOC's and property values. I have about 25K of equity on a duplex I'm house hacking.

I have the property under an LLC and I pay rent to my LLC plus my unit and garage tenants. The property grosses 2.4K/mo in rent between (myself,garage, and unit I'm renting out)

Question 1:

When the fair market value increased the garage nor extra unit were rented out. Will this have a significant impact on the equity?

Question 2:

What is the minimum amount of equity needed in a house before a HELOC would make sense to pursue?

All suggestions/recommendations will be appreciated. Thanks in advanced BP community.