Hello, what advice do you have for someone starting the HELOC process on their investment property. For example the requirements or your experience with the process with the bank. I know everyone says to go and talk to a local bank at first.
How long have you had it? Is it owned free and clear? Condition? As Is value?
>The home is paid off free and cleared. Taxes are the only expense.
>The current value is 65K. However, I want to pump up the value close to 100k -120K to maximize the HELOC potential value. I understand once the main components are up and running. Kitchens, bathrooms, floors, and the exterior bring in value when an appraiser does their inspection. Also, comparable comps in the property neighborhood.
>The home has been vacant with its utilities shut off for about 15 years so the main components of a house need work.
What are your thoughts or advice on the HELOC process from your experience for my property and I?