All Forum Posts by: Scott Raitt

Hello. My primary residence has a large backyard that can easily fit an ADU. Based on some online calculators I used, I can probably get a HELOC of about $150k in 3 years time. It could cost up to $450k to build the ADU. What options do I have to get the necessary financing to fund the rest of the construction? I live in Poway, Ca which is part of San Diego county.

Thank you!

Hi,

We bought and rehabbed a home and it's been active as a short term rental for almost a year now in Sedona, AZ. We are looking to pull some cash out to recover our rehab costs and having a hard time finding a solution. We secured a 3.5% loan so we would like to avoid doing a cash out refinance. Ideally, we were looking to see if a private investor would do a 2nd position mortgage or HELOC.

loan balance is 740k

house would appraise between 1.3-1.4 million

We would like to pull out 200k

willing to discuss all creative options.

Thanks for considering! 

Yash

Good evening to all,

My name is Jason, and I am new to this platform. However, I am excited to meet people and learn about real estate.

Can someone advise me on HELOC on rental properties. I want to take out a HELOC on one of my rental properties. Currently, I have a tenant that lives in my rental. I heard that to be eligible for an HELOC, you have to live in the property for 12 months. I also heard that banks don't like to give HELOC on rental properties. How do I get around not living in my rental property, but still get a HELOC on that property? Your help will be greatly appreciated. Thanks!