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Ken Deboy
  • Investor
  • Sparks, NV
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Is it hard to get a HELOC on an investment property if I'm LLC?

Ken Deboy
  • Investor
  • Sparks, NV
Posted Oct 19 2015, 14:13

Currently own following properties:

a. Single family home, Zillow says it's worth $161,000. Currently rented for $850/month, same tenant for 3-1/2 years. Lease is month to month.

b. Single family home, Zillow says $118,000. Currently rented for $750/month on 12 month lease, same tenant for about 2-1/2 years.

c. Single family home and duplex on one lot, Zillow says $231,000. House has new tenant (4 months) on 1 year lease at $1100/month, duplex has had same to tenants for about 1-1/2 years at $580/month (each), month to month

These properties are owned free and clear. 

d. Single family home, Zillow says $145,000 and I expect to be able to rent it out for around $950 - 1100/month. This house has a $90K hard money loan that is due in January.

e. My house is worth about $275K and I owe about $105K on it. My wife wants to get a HELOC on our primary residence and use it to pay off the $90K hard money loan on the new rental. I don't want to do this because I can see the end in sight for paying off our home. My wife doesn't want to refinance the rental because getting a HELOC means no closing fees. Is it possible to just get a HELOC on the rental? Does it make a difference if the rental properties are in my name or structured as an LLC?

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