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Updated about 10 years ago on . Most recent reply

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Ellis San Jose
  • Rental Property Investor
  • Westlake Village, CA
776
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1,409
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Can you freeze a HELOC? Sub-2/Master lease w/ option acquisition

Ellis San Jose
  • Rental Property Investor
  • Westlake Village, CA
Posted

FACTS: SFH

FMV $650k

ARV $700K

1st $430k

2nd $ 51k (HELOC max line is $350k)

possible rent $3200-$3500

mtg payments $2,800

Seller is open to long term master lease or sub-2

Deal is not suitable for a quick flip.

Question: How can I control the property & keep the exiting HELOC in place but prevent the seller from utilizing additional credit from the HELOC?

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