Is anybody opening HELOC on investment properties?

Question

Hey guys,

Is anyone opening HELOCS these days on investment properties or personal residence?

Lien Vuong · Answer

HELOCs are typically for owner occupied properties only so I would shop around for a Cash Out Refi or a Line of Credit on the property.

Kalo (Kyle) Atanasoff · Answer

@Justin Phillips,

Yes, I would love to open HELOCs on my investment properties but so far no luck finding lenders who do that (especially if have more than 4 investment properties). Any recommendations for lenders who do that - will be really appreciated. The properties are in TX and FL.

Justin Phillips · Answer

Are you looking for referrals, or just seeing what others are doing?
Personally, I've set up a very specialized Heloc on my property. With these inflated values, it's a great time to lock-in access to equity. You'll just want to find one with some staying power, so it won't be closed when credit markets tighten.
If you're looking for referrals, unfortunately I only know of providers in my states (CA/AZ/CO) but they're available in every state. Investment property providers are harder to find, but they're out there!

Kalo (Kyle) Atanasoff · Answer

@Andrew Postell,

Appreciate the response, and I already have been doing this for the past few years. While your response is appreciated and make sense, it does not help with my very specific questions which is - recommendation on lenders who do HELOCS/ELOCS on investment properties (non-owner occupied) and with the caveat that I have more than 4 of them - they are in FL and TX :)

Andrew Postell · Answer

Kyle, you can certainly find plenty of lenders who are writing HELOCs or Lines of Credit (LOC) right now. Bigger Pockets has some great state forums and usually there are good locals that monitor those. Try posting in that state forum. Also, try some local real estate meetup groups. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. But post locally for this. That’s the best bet.

Jenna Lee · Answer

@Kyle Atans Pentagon Federal Credit Union does it but they won't if u have more than x amount of houses (which includes your primary) I would call them.

Kalo (Kyle) Atanasoff · Answer

Any HELOC / ELOC mortgage brokers on non-owner occupied homes recommendations?

Eric Johnson · Answer

Check local banks and credit unions. A lot have cut back on heloc to investor occupancy deals. You can always call though.

Is anybody opening HELOC on investment properties?

Is anybody opening HELOC on investment properties?

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