HELOC vs Refinance-Out of State Rental in Hunstville, AL

3 Replies

Looking for recommendations... I own a rental property in Huntsville (SFR) outright and would like to leverage this investment with refinance or HELOC and use this money for the next SFR purchase in Hunstville area. I'm only looking to get $30k which is less than 50% LTV. I live out of state and my local bank will not loan on out of state non owner occupied. Any recomendations would be appreciated.

@Shelley J Rogers if you are needing a specific product in a specific state I would recommend posting in the Alabama forum.  That would have the best chance at success.  That forum should have good good local people who monitor it.  Hope that helps!

Hi @Shelley J Rogers

I am a out of state investor as well and recently did a cash out refi on one of my rentals. Feel free to PM me and I can share my local lender. I have had great experience with them.