Updated almost 3 years ago on . Most recent reply
HELOC on a great duplex
I'm not sure how "creative" this is, but is there anyone out there doing HELOCs on duplex's? I have a great property paid off and I'm looking to grab some equity for the next deal. I've heard a few no's on my first round of calls and 1 "possible Commercial Real Estate Line of Credit" - but did HELOCs just dry up on rentals?
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Great question Christen! As someone who gets this question about 15x a day I feel especially qualified to answer haha! HELOCs on rentals basically dried up. The alternative is a HELOAN on an investment property, but that wouldn't make much sense in your case if the property is paid off. HELOANs really only make sense when you have a high balance, low interest rate 1st position mortgage. There are still other ways to tap into that equity. What is stopping you from a refinance if you don't mind my asking?