Flipper · East Elmhurst, NY · Member since 2015 · 47 posts · 28 votes
Hello BP,
I have a two unit rental in Elizabeth, NJ that's free and clear. Anyone have any good small bank recommendations? I'm using the proceeds to buy more multifamily so figured the HELOC is the best option. It's only for a small sum of $25,000 and the property appraises for $176,000. Thanks for the help!
Hi @Anthony Perez, try Wawel Bank in Garfield, NJ, I have used them in the past for some of my rental investments here in NJ, they are really good, just make sure you confirm with them time-frames that will work with your plans.
Also, if you will be purchasing several investments, perhaps it's best to do a full refi, as you may get a better rate by getting an actual mortgage when comparing against a HELOC. If you get a small HELOC, you may have to may another fee whenever you decide to make the next investment. I have also worked with some good lenders that have great programs in case you are looking to refi. Feel free to PM with any additional questions! Love talking real estate.
@Naeem Boucher No Naaem, i purchased this property for monthly cashflow to offset living expenses.
@Moises Mari Thank you for your response, I was considering the full Refinance at first but moving forward my investments will be into syndication's. The firm I work for purchases mismanaged multifamily property in Florida and Georgia and I'd like to put some money in there rather then having it in the property. The Heloc gives me access to my equity and my properties rental income will pay down the Heloc, alongside with the quarterly distributions being paid out of the syndication. Also i don't wan't to leverage the property and pay interest on money i wont be putting to work. I'll be sure to PM you I'm looking to buy another property next year.
Hello, this is an old post but I just recently went through the struggle of finding a HELOC for INVESTMENT NON OWNER OCCUPIED located in NJ. In case there is someone like me or others who can add other banks, I got a HELOC through Fulton Bank of PA, you can contact Will Garwood.