HELOC on an investment property

[Ron Gallagher]

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?

[Kyle J.]

@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.