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Updated over 10 years ago on . Most recent reply

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12
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3
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Adam Kirk
  • Investor
  • Grand Rapids, MI
3
Votes |
12
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HELOC or other options

Adam Kirk
  • Investor
  • Grand Rapids, MI
Posted
Hello all, I have been reading BP for a while and there is so much good information in these forums. Here is the obstacle I currently face. My partner and I own a duplex in Chattanooga TN free and clear, I do not occupy the residence, and have done a good amount of work to the property. We bought this place for $26k. Does anyone know of any lending institutions that would do a HELOC or other loans so I can pull out some equity and buy another rental? Thank you for any help you can offer.

Most Popular Reply

User Stats

122
Posts
27
Votes
Jeff Trevarthen
  • Lender
  • San Jose, CA
27
Votes |
122
Posts
Jeff Trevarthen
  • Lender
  • San Jose, CA
Replied

It's really hard to get HELOC's right now for a non-owner occupied duplex. Cash-out refi may be a better option. Then again, depending on the loan amount, that may be hard as well.

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