Hey everyone,
First timer here to BP but already loving the networking and knowledge in this group.
I'm trying to get my first HELOC done so I can continue to acquire more doors. I'm having troubles getting approved for the loan.
I talked to two different local credit unions about pulling 300K in locked equity out of our former primary home that we converted to a short term rental last year. I am self-employed so it was a challenge just to get a loan in general, not being a traditional W-2, but that was finally overcome. Then right before closing, they ran the county records and said they can't do a HELOC on a home I don't personally own, and I would need to do a quit claim deed and put it back in my name to get the loan approved and then can do another quit claim deed to put it back under the LLC that it's currently operating under.
Is that standard practice to have to do this, or am I missing a trick or a different loan type similar to a HELOC?
All the investors just say “tap into your equity” but never actually tell you how to get that equity with the loan process.
Any insights from experience investors would be much appreciated.
Thanks all in advance
-Clay
