All Forum Posts by: Karen Pendergast

Me too—look forward to receiving some recommendations! 

My thinking was that with a HELOC, I don't draw on it until I need it, and only draw what I need. Doing a primary mortgage on the investment property is certainly an option, but was hoping for more flexibility.

Thank you Kenneth!

I did cross-post in the NC group but other suggestions are helpful as well. Thanks Andrew.

Does anyone have any bank/lender recommendations for setting up a HELOC on an investment property (in NC)? The property is paid for. Thanks in advance for any suggestions.

Does anyone have any bank/lender recommendations for setting up a HELOC on an investment property (in NC)? Thanks in advance for any suggestions.

Thank you for the replies...I should have added that I am in North Carolina...(in case location changes the lending practices)....

Hello! I own a rental property (townhome) that I paid cash for from an inheritance three years ago. The property is in an LLC, and I am the sole owner of the LLC (I'm married); property value about $300K at this point and it is continually rented. I would like to either mortgage the property or set up a HELOC on it to leverage my buying power for additional investment properties (down payments). My questions are: (1) is it possible to get a mortgage on a rental after having already purchased it? I ask because when I contacted Quicken loans in the past, they said they "couldn't make it work". I assume they couldn't offer a competitive rate and make money on the loan, but honestly, I'm not sure as I didn't pursue a detailed answer (I'm steadily employed in good career; my credit score is usually around high 700s-low 800s; have retirement accounts; and equity in my primary residence). (2) Is it possible to get a mortgage if the home is in a (single owner) LLC? (3) Would HELOC be more advantageous than mortgage? I'm thinking there are less fees and rates might be similar? (4) What snags/issues may be foreseen given it's in an LLC, if any? (5) What would you do? Goal is to acquire additional properties (buy and hold/appreciate). Thanks in advance!

Following, as I am in the same boat. Looking to acquire a multiplex (2-4 units) but when I look at prices of existing places, I am drawn to new construction (plus the low maintenance aspect of not having to do any replacements for several years too).

I recently had success with Zillow for my 1800 ft townhouse in Hillsborough (rents for $1800). It's a new platform but you can also do lease signing and payments through it as well. Good luck!