Updated about 7 years ago on . Most recent reply
HELOC - request for referrals and sharing of experiences
Hi all! I own my own home outright and also own a 4-plex in which I have 25% equity (just purchased it 2 mos ago). Can anyone share with me their experience with taking HELOCs for the purpose of investing into long-term rentals or flips and any referrals/recommendations of good agents/companies with whom to work if you are pro-HELOC for this purpose?
Any experiential anecdotes or references would be very appreciated!
Most Popular Reply
PenFed Credit Union has been spectacular for me with HELOCS. Quick closings, good customer service, low fees, interest only payments and desktop appraisals in many cases. They will do up to 4 lines including your primary residence. I use them (HELOC's) to buy rental property for cash and pay the cash pulled from the other lines back. It is allowing me to scale quickly. My biggest problem right now is finding property that makes sense to buy.