HELOC on an investment property
I am going to apply for a HELOC for an investment property I own free and clear and then do the B(A)RRRR strategy. I have learned that TD Bank, Wells Fargo, and PenFed CU all offer HELOCs on rental properties. Is anyone aware of any other banks I should be approaching that offer HELOCs on investment properties?
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@Ron Gallagher I hear what you're saying about Wells Fargo. They've certainly had their issues. For what it's worth, one of the HELOCs I have on my rentals is with Wells Fargo (opened before the scandal involving them fraudulently opening accounts in customers' names without their knowledge) and I have no complaints.
It's not easy finding banks who will do HELOCs on investment properties, but - as you already know - there are some that will. It's just hard to be picky because there's not a lot to choose from. You can always call around until you find one that works for you. If it helps, here's some things to ask about when making your calls: What You Need to Know When Shopping for a HELOC.
Best of luck.