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Curtis H.
  • Investor
  • Los Angeles, CA
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$200K Equity Sub2 Question

Curtis H.
  • Investor
  • Los Angeles, CA
Posted Jan 4 2017, 20:49

Hello BP, 

I currently live in a home I picked up Sub2 about 2 years ago. The goal was to buy it, live in it while fixing it up with some sweat equity, and sell with no capital gains tax. Find a new place creatively, and do it all again. However, we love the area and now want to stay put. So after renovations and paying down the mortgage, we are sitting on about $200K minimum worth of equity.

I want to tap into the equity using a HELOC and pick up a couple rentals in TX where I have some already. However, in order to get a HELOC I would have to refinance first to get the loan in my name.

Is this a pretty straight forward process? Do I refinance first, then get a HELOC once that's complete?

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