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All Forum Posts by: Ben Johnson

Ben Johnson has started 2 posts and replied 2 times.

Michigan Real Estate Q&A Discussion Forum

Post: HELOC/LOC on paid off Investment Property?

Ben JohnsonPosted
  • Posts 2
  • Votes 0

First post and new to BP... I live in West Michigan, I have a paid off single family rental. I'm looking for the best way to get a HELOC or LOC on this property? I want to have LOC available to make cash offers on other properties. Banks I've talked to say they use to do these before COVID but now only offer them on Primary Residence and a second home/cottage?

I do have a LLC that I created but haven't done anything with it yet. The Investment property is in my personal name right now and wonder if it was under my LLC if that would be better for some sort of Business Line of Credit? If so how do I get my investment properties under my LLC?

Any advice would be appreciated

0 Votes
Private Lending & Conventional Mortgage Advice

Post: HELOC/LOC question on Investment Property

Ben JohnsonPosted
  • Posts 2
  • Votes 0

First post and new to BP... I live in Michigan, I have a paid off single family rental. I'm looking for the best way to get a HELOC or LOC on this property? I want to have LOC available to make cash offers on other properties. Banks I've talked to say they use to do these before COVID but now only offer them on Primary Residence and a second home/cottage?

I do have a LLC that I created but haven't done anything with it yet. The Investment property is in my personal name right now and wonder if it was under my LLC if that would be better for some sort of Business Line of Credit? If so how do I get my investment properties under my LLC?

Any advice would be appreciated 

Thanks 

Ben

0 Votes