I'm looking to get a HELOC on a non-owner occupied investment property. I know there are a bazillion "HELOC on Investment Property" threads on BP - that's because I just read all of them. :)
Just want to see if anyone in Austin (or within the state of Texas) has banks or credit unions that they recommend who are willing to do a HELOC on this type of property.
I have not personally used them, but have you tried Prosperity Bank or R Bank? I've heard of them being flexible and investor friendly. They can be a little note nimble since they're smaller. Good luck!
Thanks, Poem - I appreciate the recommendations!
You can’t do a HELOC on a rental in Texas.
Thanks, Andrew. Looks like TX regulations are a bit more stringent on this than in other states. I guess that's why I couldn't find a "HELOC on Rental Property in Texas" thread on BP. :)
@Gary Ennis yeah kinda sucks...went through this about 6 months ago. What I did to solve the problem was refinance a rental, used the cash to pay off the 2nd mortgage on my primary residence, then took out a HELOC on my home...basically shuffling money around.
@Andrew Allen Thanks for the replies. We refinanced this particular rental property not too long ago and got a sweet interest rate, so we're not looking to re-refi. We've decided to look at taking out a HELOC on our primary, which won't result in as much capital to work with, but still gives us some flexibility to continue investing.
Gary, what interest rate were you able to find? Debating on refi since there's so many fees involved.
@Gary Ennis please PM