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Updated over 4 years ago on . Most recent reply

User Stats

5
Posts
2
Votes
Inna Pakhalyuk
  • Investor
  • Philadelphia, PA
2
Votes |
5
Posts

Bought Investment Property For Cash With Intentions to Get HELOC

Inna Pakhalyuk
  • Investor
  • Philadelphia, PA
Posted

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!

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