Cash Out Refinance Options

[Thomas Harr]

Hi, We own a property in Columbus Ohio free and clear and want to BRRRR it (cash-out refinance). We are all in about $85k and it is worth around $120-130k. It is currently rented for $1350 a month. We are looking to refinance and my parents (partner on the deal) do not want to go with the option presented: Local mortgage lender: will do a cash out refinance (80% LTV) but wants to do closing costs, title, etc (+- $5k), which my partners don’t want to do. Does anyone know a good bank/service who will give a basic line of credit without having to go through putting a mortgage on the house? Is this possible? Pros and cons? Thanks in advance!

[Christian Nachtrieb]

That's not a bad deal. It may be problematic trying to get a HELOC on an investment property which it sounds like this is?