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Updated about 5 years ago on . Most recent reply
How to get cash out my primary residence
So I've been looking to take some next steps in real estate investing. I bought two STRs last year which are cash flowing nicely, but now I'm looking to some more long term deals using the BRRRR strategy. I have about $40k in cash, but looking to take some cash out of my home using a HELOC. But i've been turned down by several HELOCs due to lower income, and because my STRs don't have two years of income to show, the companies count the loans as if they were personal properties as opposed to rentals. I'm eager to pull money out of my home, because I have about $275k in equity in it, but can't seem to figure it out. Anyone have any thoughts/leads for how to work this situation? Thanks team BP.
Most Popular Reply
Hey @Michael P.
Yes I've been looking there, but my main concern with Ohio and those low cost deals is the potential to get screwed on CapEx costs. Have you had experience doing it there?