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All Forum Posts by: Maxine Dean

Maxine Dean has started 1 posts and replied 1 times.

First-Time Home Buyer

Post: Seeking any info about HELOC on New Property

Maxine DeanPosted
  • Posts 1
  • Votes 1

I bought a mixed use property exactly a year ago. 

2 residential apartments plus a retail front.

I have about a hundred and forty thousand dollars worth of renovations done and have a tenant in one apartment and will be opening a hair salon in the commercial space.

I am seeking advice on whether or not it is too early to try to get a Heloc in order to recover some of my money .

I have run out of cash to complete some remaining required repairs. 

This is my first property so I am a bit lost here.

Just some numbers for context:

Property is a mixed use Triplex .

Price was $649k

Renovations so far $140k

Mortgage Bal $587k

Any mortgage Experts Here please?(HELOC)

1 Vote
Philadelphia, Pennsylvania