Heloc or something else🤔?

[Michael L.]

What's up BP Fam, I hope all are well🌞. Quick question; if you have a property that is paid off, can you still get a Heloc on that property to obtain an investment property or is there a better alternative? Proper thank you's for all assistance.

[Kerry Baird]

@Michael L. the rest of your question might be to look for the better alternative that you mentioned.  Small community banks and credit unions near the property are likely to be most effective for you.  I pulled my own credit so I knew my Fico score, and then I called each of the lenders in my local area and asked, "With my FICO of ###, what rate and term can you offer me on this property?" 

Ask about mortgages as well as equity lines of credit.  Write down your answers.  Each lender will have a different appetite for lending, they are not all the same.  And if you go to all of them, they will likely pull your credit before telling you they don't have an appetite for doing a flexible loan on this property.  I like portfolio lenders that I can do future business with...portfolio in this case means they hold the paper on their own books, rather than packaging up and selling the mortgage onward.