All Forum Posts by: Micah Thomas

 I second this. I'll add a recommendation to go to your local meetup. That's a great place to survey other investors and see who they use. 

The line of credit is second lien on the property and higher risk of not being paid back if you default. Do you have other property you can offer to secure the loan? You might be able to get a commercial line of credit from the same bank that has your primary mortgage. They will have less heartburn taking second lien because they will already have first. 

Micah, there is an option for a HELOAN (home equity loan) for your particular scenario.  It will allow you to keep your current 1st position interest rate, and this loan would be 2nd position.  Rate is much higher, but there is no pre-pay penalty.  There are other guidelines as well.  Reach out if you'd like additional information.

Hey there, a cash-out refi would be a good option. Rates and leverage here can very based on DSCR. Look for a 65-75% LTV Cash-out refinance qualified without looking at income. Closing with private money will be quicker and easier for you

Micah - as Dave mentioned, finding a lender for a HELOC on an investment property can be tough. That said, there are lenders who can do it. Smaller banks/Credit unions are a good place to start or getting in touch with an investor friendly mortgage broker is what I would recommend.

@Micah Thomas- you are  right - most  heloc  lenders  will not lend on rentals ....I  would  advise reaching out to the  smaller to midsize  banks and  credit unions  near the rental  to see if you can  locate  some flexibility  on  helocs  on rentals