New York Property - Refi or HELOC?

[Neill K.]

Hi everyone,

I have a property fully paid in Williamsburg, Brooklyn, NY valued at 500k. I want to utilize the equity for other REI in different states as well use a small portion to pay off a bit of debt (10k). Would it be wiser to refi or take a HELOC? Is there a minimum amount that I have refi or not, I ask this because one lender I spoke to stated I would have to refi 200k, which seems ridiculous to me. I only want to get 80k out of this property because that is what I will need for my other potential investment opportunity as well as the 10k debt.

All advice, help, or recommendation of lenders would be very much appreciated!

Thanks in advance, 

Neill