Pulling equity out of a rental

Private Lending & Conventional Mortgage Advice
11yFollow

Pulling equity out of a rental

George Sass
Investor · Cleveland, OH · Member since 2015 · 39 posts · 14 votes

What are the possibilities when it comes to pulling equity out of a rental house? I would love the flexibility of a HELOC but no one will give it if it isn't a primary residence. I have 50k equity in a 75k house. What are my options?

0Reply
5 views

Most Popular Reply

Marcin Ferenc
Flipper/Rehabber · North, NJ · Member since 2014 · 91 posts · 23 votes
11y

@George Sass. I don't have a great answer for you but I believe that TD Bank does HELOC on investment properties. At least their calculator on their website has that option to calculate your potential credit limit. Check them out if they are anywhere near you.

1Reply
See this reply in the discussion

13 Replies

Jump to latestLatest
  • Marcin Ferenc
    Flipper/Rehabber · North, NJ · Member since 2014 · 91 posts · 23 votes
    11y

    @George Sass. I don't have a great answer for you but I believe that TD Bank does HELOC on investment properties. At least their calculator on their website has that option to calculate your potential credit limit. Check them out if they are anywhere near you.

    1Reply
  • Sandra Holt
    Real Estate Investor · Columbia, MD · Member since 2014 · 172 posts · 94 votes
    11y
    Check out your local banks, especially credit unions. I was able to get one from my credit union.
    1Reply
  • Darren Budahn
    Investor · Milwaukee, WI · Member since 2014 · 811 posts · 420 votes
    11y

    Check out the marketplace here on BP. There are plenty of lenders offering investors the ability to pull equity out of their rentals. Also try some local portfolio lenders. You won't be able to get a traditional 80% or 90% LTV HELOC like with a primary residence, but I'm sure you can pull some of your equity out one way or another.

    1Reply
  • George Sass
    OP
    Investor · Cleveland, OH · Member since 2015 · 39 posts · 14 votes
    11y

    I tried 2 credit unions so I'll continue my search through those and I'll definitely check out TD. Thanks for the responses thus far!

    0Reply
  • George Sass
    OP
    Investor · Cleveland, OH · Member since 2015 · 39 posts · 14 votes
    11y

    TD looks like a a strikeout just by looking at their website. I'll give them a call tomorrow just to verify, but it doesn't look good. Looks like my next step is to google local Credit Unions. I should probably try to establish a relationship with a good investor friendly Credit Union anyhow for potential flexibility in the future. I'll also be checking out the marketplace. 

    0Reply
  • Travis Christl
    Real Estate Agent · Victoria, MN · Member since 2013 · 56 posts · 29 votes
    11y
    Keep searching. My local bank had always said no but was persistent and kept asking. They changed rule jan 1 and I pulled out equity and used to buy 2 more. Not as good of rate or length of term as traditional heloc but still am happy to have found it
    1Reply
  • Kent Verge
    Investor · Bentonville, AR · Member since 2014 · 114 posts · 40 votes
    11y

    If you have a family member who was in the service, you can open an account with Navy Federal Credit Union. They offer a 70% LTV lines of credit against investment property.

    1Reply
  • Noel Fleming Jones
    Bradenton, FL · Member since 2014 · 24 posts · 1 vote
    11y

    I spoke with TD on the phone and they do offer 75% LTV on investment property for a HELOC. I asked a similar question last week,and several,members noted they'd dealt with TD.

    1Reply
  • Greg Koepke
    Las Vegas, NV · Member since 2015 · 1 post · 0 votes
    11y

    Not good.

    0Reply
  • George Sass
    OP
    Investor · Cleveland, OH · Member since 2015 · 39 posts · 14 votes
    11y

    Unfortunately, I do not have a family member who served. '

    Good work @Travis Christl , just took some time to beat them down!

    Care to elaborate @Greg Koepke ?

    0Reply
  • Jerry PadillaBusiness Member
    Lender · Rochester, NY · Member since 2014 · 3k+ posts · 1k+ votes
    11y

    @George Sass 

    You can also cash out refinance and get a 30 year fixed rate mortgage. 

    Here is info on cash out refinancing.

    http://www.biggerpockets.com/blogs/5110/blog_posts/42766-all-about-conventional-cashing-out-on-those-properties-1-10

    [email protected]585-204-6923
    PrimeLending 4.8582 Reviews
    WebsiteView Page
    0Reply
  • Jordan Williamson
    Rental Property Investor · Cape Coral, FL · Member since 2012 · 427 posts · 186 votes
    11y

    Pentagon Federal Credit Union does 80% LTV. You can join with a donation to a cause (can't remember which, but you can find it on the website)

    1Reply
  • Albert Bui
    Lender · Bellevue WA & Orange County, CA · Member since 2013 · 2k+ posts · 1k+ votes
    11y
    Originally posted by @Jordan Williamson:

    Pentagon Federal Credit Union does 80% LTV. You can join with a donation to a cause (can't remember which, but you can find it on the website)

     Yeah however it may be important to note they only allow a maximum of 5 financed properties including the primary residence

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free