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Updated over 3 years ago on . Most recent reply

User Stats

15
Posts
8
Votes
Clive Smith
  • Greensboro NC
8
Votes |
15
Posts

Heloc for 6 unit apartment

Clive Smith
  • Greensboro NC
Posted

I got an off market 6 unit 1 bed 1 bath in NC, for 150k and getting it renovated for another 150K. Renovation will be done in 2-3 months. Total renovation. Since units were in bad shape no one was ready to finance it initially. So i paid cash for buying it and renovating it. Now i have invested 300k into the units. What are my options to take out cash so that i can invest in other properties. Is it Heloc or Line of credit for 6 untis since it comes under commercial. And how are the interest rates like? for how many years. I don't have any idea so any help will be appreciated. Thank you

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