Need Advice - HELOC on investment property or Refinance

Rockford, Illinois
Private Lending & Conventional Mortgage Advice
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Need Advice - HELOC on investment property or Refinance

Luz Ramirez
Investor · IL · Member since 2021 · 2 posts · 0 votes

We recently moved out of our primary residence into a duplex and are house hacking. We have a lot of equity on the home we moved out of and it is now being rented out. We want to invest in other properties and I am looking for a HELOC on that property but it is now considered an investment property. Are there any banks doing HELOC's on investment properties?

The other scenario is to refinance but is it advisable given that we have 4% interest on the remaining mortgage?  


Looking for best option. Thanks in advance!

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Jeremy Kitchen
Investor · Rathdrum, ID · Member since 2021 · 47 posts · 42 votes
4y

I'd go for the HELOC now. I'll send you a message on a bank that does HELOC's on investment properties

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  • Jeremy Kitchen
    Investor · Rathdrum, ID · Member since 2021 · 47 posts · 42 votes
    4y

    I'd go for the HELOC now. I'll send you a message on a bank that does HELOC's on investment properties

    4Reply
  • Dave Peterson
    Investor · Sacramento, CA · Member since 2016 · 96 posts · 41 votes
    4y

    Hi Jeremy, I would also be interested in that info.  Thanks.

    0Reply
  • Donald SaintVal
    New to Real Estate · Boca Raton, FL · Member since 2019 · 27 posts · 37 votes
    4y
    Quote from @Jeremy Kitchen:

    I'd go for the HELOC now. I'll send you a message on a bank that does HELOC's on investment properties


     Same here Jeremy. Would love the name of that bank. 

    0Reply
  • Lien VuongBusiness Member
    Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
    4y

    You can do a cash-out using a commercial product but nothing is in the 4% at the moment without having to go the ARM route.

    [email protected]
    The Elle Group5154 Reviews
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    0Reply
  • Luz Ramirez
    OP
    Investor · IL · Member since 2021 · 2 posts · 0 votes
    4y

    Thank you Jeremy!!! I appreciate it.

    0Reply
  • Nicholas Sutanto
    Member since 2022 · 3 posts · 2 votes
    4y

    Hi Jeremy,

    Can I have the list of the banks/lenders as well that offer HELOC for investment properties?. My rental properties are in Texas.
    I called several banks already and they do not offer HELOCs on investment properties or they do not offer HELOCs in Texas. 

    1Reply
  • Jeremy Kitchen
    Investor · Rathdrum, ID · Member since 2021 · 47 posts · 42 votes
    4y
    Quote from @Dave Peterson:

    Hi Jeremy, I would also be interested in that info.  Thanks.


     I'll DM you

    1Reply
  • Marvin Scott Butler
    Rental Property Investor · Saint Petersburg, FL · Member since 2018 · 31 posts · 10 votes
    4y

    @Jeremy Kitchen

    Hello I would like the same information also. I’m in a similar situation.

    0Reply
  • Anthony KingPro Member
    Investor · Charlotte, NC · Member since 2020 · 236 posts · 247 votes
    4y

    @Jeremy Kitchen also interested. Thanks

    0Reply
  • Chad Jackson
    New to Real Estate · Port St.Lucie FL · Member since 2021 · 24 posts · 9 votes
    4y

    @Jeremy 

    @Jeremy Kitchen

         I would also love that contact info!

         Thank you!

    0Reply
  • Cassandra Cowen
    Rental Property Investor · Camarillo, CA · Member since 2019 · 5 posts · 1 vote
    4y

    I would love that info as well @Jeremy Kitchen Sounds like a match for what I need! Thanks!

    0Reply
  • Gina SternPro Member
    Investor · Boca Raton, FL · Member since 2019 · 1k+ posts · 159 votes
    4y

    Contact Mark McAfee at Valley Bank. He may be able to help or refer you to someone in your farm area. 516 306 0393

    [email protected]561-430-2616
    0Reply
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