Bought Investment Property For Cash With Intentions to Get HELOC

[Inna Pakhalyuk]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $200,000
Cash invested: $200,000

Bought a twin house that was converted into a duplex.
Monthly income from 2nd floor is $1,200 and first floor $800.
I plan to tap into equity by getting HELOC, but Im faced with an issue of fining a lender that will open HELOC against investment property. Its very difficult to find one unfortunately. Any suggestions are appreciated!

[James Allen]

@Inna Pakhalyuk - I've used PenFed Credit Union and they do 80% LTV on a HELOC for an Investment Property. I spent a lot of time searching and that's the best one that I'm aware of. It looks like they're still accepting applications based on their website.