Updated over 6 years ago on . Most recent reply
HELOC BRRRR Financing
BP FAM! I'm looking to leverage some equity in an out of state investment property using a HELOC using the BRRR method. It seems a local credit union is the best way to go in terms of lowest rates. My question is this, assuming that is the best method, should I use a local credit union where the property is located (colorado) or where I live (los angeles)? Not sure that actually matters, but figured I'd verify with you all! Thank you.
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@Justin Franklin why not do both? It's will probably be easier to find someone local to the market you invest in since they know the market but I would try to build both in case one is unable/chooses not to perform on a given deal. As far as a Heloc if you own your rental in your own name and not in an LLC you can get a Heloc at 80% LTV on the rental through Pen Fed if you have 3 properties of less including your primary.