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Updated over 7 years ago on . Most recent reply

Ashley Pohlman's profile image
Ashley Pohlman's profile image
Ashley Pohlman
  • Real Estate Agent
  • from Boston, MA
  • Member since May 27, 2017
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10
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1
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Ashley Pohlman's profile image
Ashley Pohlman's profile image
Ashley Pohlman
  • Real Estate Agent
  • from Boston, MA
  • Member since May 27, 2017
Connect
Ashley Pohlman
  • Real Estate Agent
  • Boston, MA
1
Votes |
10
Posts
General Real Estate Investing

HELOC on Vacation Rental Property?

Ashley Pohlman
  • Real Estate Agent
  • Boston, MA
Posted

My husband and I own a vacation rental property on Cape Cod. We have a mortgage of $315K on it. I believe it will appraise between $530-$550K. Can we get a HELOC on it? Or what would be our best bet in pulling out equity? Note: me and my husband's credit scores have dipped to 655 due to our first Fix and Flip (financed it with personal money and credit cards, long story.) With such low credit scores, would we qualify for a HELOC or cash our refinance?

Thanks for the advice!

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