I have a deal in the works and a tenant who has already signed a 5/yr tripple net lease.
I’m looking to tap into the equity I have in another rental that is owned free and clear.
The home is worth around $70,000.
I would like to connect with someone who would be interested in doing a HELOC or first position mortgage for 60-80% of the home's value.
Any leads would be greatly appreciated.
The offer I have for the new rental needs to be accepted by the 30th of this month, so I’m on a bit of a time crunch to make something happen.
Thanks in advance! Keep rocking those deals!
I am in a similar position so I went and saw a bank. I know people don’t like banks but I love them. They gave me a line of credit and I put up my free and clear property (No mortgage) as collateral. It has turned out to be a gold mine. I borrowed money from Ed to go buy a place and any spare money I Do not need to pay down on my line of credit to get it paid down to zero and when it gets down there I go buy another property and I was parked the excess cash against the line of credit. I do keep my set aside separate from the line of credit because there a monthly savings and they grow also. Then comes the real question when they get very very big what do you do with all that cash? I’m looking at buying a rental with that money/profit to receive my set asides. My thought is if I happen to need money I still have my line of credit I’ll get it, but with a new property been bought with cash it should become a moot point and I could extend my line of credit if I needed it. It’s really a gold mine
Is that different than a HELOC?
What bank are you going through?
I’ve had no luck so far and my deadline is closing fast.
Thanks for the response!