Great Lenders for Helocs
Hello BP! hope everyone is having a great start to 2022!
my goal for 2022 is to purchase a 16 unit apartment complex somewhere in Missouri, possibly Kansas City or Saint Joseph. A 16 unit apartment complex will probably run between $800K and $1million.
I currently have about $80K saved up and can save about $4k per month, so if I just straight save, I may be able to still grab one by the end of the year.
However, another strategy I have heard of is using a Heloc to purchase investment properties.
My primary residence is worth about $350K and my mortgage balance is $250K, using the standard formula/LTV i have heard around the bp community that lenders will typically do 70/30's or 80/20's. So I should hypothetically be able to get $70K-$80K as a heloc, correct?
I have called any lenders yet, however, on their online calculators, I have seen like $20k as the highest heloc I can get, so I am not sure if I am thinking about this wrong?
I have a 813 credit score and my income between my wife and I is a little over $200k, so I wouldn't think we dont qualify for more?
Please let me know your thoughts on my Heloc strategy
im based in Port Saint Lucie Florida! nice to meet you :)