Spreadsheet help and heloc advice on a rental condo in Colorado

2 Replies

Hi there,

Colorado investor here. I plan to approach a local bank here in Colorado in an attempt to get a line of credit (preferable) or to refi cash out a rental condo that is paid off. It's current value is approx 150K. My plan is to try to get the property to qualify on it's own based on it's cash flow. It's currently owned by a trust which is managed by my llc. Even if I can get half of it's value and put it to use I'll be happy. I was wondering if anyone out there had a simple spreadsheet for one property that includes NOI on it for use to present to the bank. This is my first time doing anything like this so any advice on this idea is extremely welcome. I have other properties I could tap for equity, but thought starting with one would be a good first step.

Thank you in advance!

Chris 

Originally posted by @Chris Billington :

Hi there,

Colorado investor here. I plan to approach a local bank here in Colorado in an attempt to get a line of credit (preferable) or to refi cash out a rental condo that is paid off. It's current value is approx 150K. My plan is to try to get the property to qualify on it's own based on it's cash flow. It's currently owned by a trust which is managed by my llc. Even if I can get half of it's value and put it to use I'll be happy. I was wondering if anyone out there had a simple spreadsheet for one property that includes NOI on it for use to present to the bank. This is my first time doing anything like this so any advice on this idea is extremely welcome. I have other properties I could tap for equity, but thought starting with one would be a good first step.

Thank you in advance!

Chris 

 Here you are