All Forum Posts by: Adedotun Kembi

1. You can work with a local credit union that does HELOCs, Home Equity Lines of Credit or Loans, on investment property. Most will not do 100% loan-to-value so plan on something less than that for the loan amount.

2. You can do a cash out refinance and pull equity out that way. Look into a DSCR, Debt Service Coverage Ratio, loan where the rental income can be used to qualify the cash out refinance instead of your personal income.

To Your Success!

Sorry to jump on the back of this original post but I have a follow-up question to this response. Most credit unions I've seen won't do a HELOC on an investment property. Can you please provide the names of those that will do one? Thank you very much in advance.

Try the University of Michigan Credit Union. They will do one investment property. Not sure how far regionally they lend to but that is one in my area that will do investment property.

Thanks for this suggestion, Jeff. I did follow up with them but unfortunately, they told me they do not service residents in GA with no ties to the university.

0 Votes

Atlanta, Georgia

Quote from @Jeff Roth:

Hi Holly from Georgia-

You own a rental in Colorado and you are looking to purchase a new primary residence and possibly use the equity in the rental for the downpayment.

You have two options I am aware of with the rental to access the equity:

To Your Success!

0 Votes

Atlanta, Georgia

Thank you so much Tom. Can’t wait!

Originally posted by @Tom Shallcross:

@Adedotun Kembi - we have an episode that breaks down Bronzeville corridor by corridor. I'll DM you the link.

0 Votes

Chicago, Illinois

Hey BiggerPockets family! Long time listener and browser, 1st time poster. My question is in regard to the Bronzeville neighborhood in Chicago. I'm looking to purchase a single family in that area which I will live in and ultimately turn into a long or short term rental after a year or two.

Does anyone have any insight into that neighborhood? Expected growth? Incoming business or commercial developments that could spur appreciation? Proximity to "things to do" in Chicago? Anything at all to help me decide if this is a good area to buy would be fantastic. Thank you so much in advance!

2 Votes

Chicago, Illinois

All Forum Posts by: Adedotun Kembi

Adedotun Kembi has started 1 posts and replied 4 times.

Post: Lending question re: HELOC/loan options

Post: Lending question re: HELOC/loan options

Post: Bronzeville Neighborhood in Chicago

Post: Bronzeville Neighborhood in Chicago