HELOC on LLC property Experience?

[Samuel Cardenas]

Good evening BP family,

So, we are currently in the process of purchasing our third property. Our approach on the third property is BRRRR strategy using a HELOC from a current rental property that is paid in full. Now, we are an LLC business and the property is under the LLC series.

My question to you guys is, have any of you guys done this before? What tips/advice would you give?

We are finding out that a lot of banks do not work with LLC rental properties and have heard that working with local credit unions might be our best approach.

We are in the Chicagoland area. Any piece of advice/tips would be greatly appreciated.

[Jim Brozny]

@Samuel Cardenas I have an LOC on three properties in an LLC. I use the LOC to pay cash for a property and rehab costs. For the properties I keep, I refinance with the same bank that issued the LOC. I developed a relationship with a community bank that has other customers like me and understands what we are doing. It probably helped that I've been an investor for many years prior to meeting with them. Where are you located?