REI property HELOC - yes or no?
Hey guys. Noob question here. I'm about to close on my first investment property in upstate NY and wondered if it's possible to obtain a HELOC after that. I'm hearing that the banks are fuzzy about those tactics and most likely it has to be a local credit union but I think it doesn't hurt to ask. Also, I'm planning on starting my due diligence on the second but not sure which strategy is worth more. I'd like to make some renovations with the hopes to raise the value as well as absorb and consolidate some of the debt that I carry currently and have a surplus from the future second loan for the second closing cost. Possible or not and if so, how to properly execute the idea? Some extra wisdom and advice are needed. Get in touch, please! Thanks.
@Emil Kostov yes you can still find them. Also if you are just about to close a refi might make more sense given you aren't going to have a low rate on a 1st. Also some lenders are doing 1st with a discount on the refi (these might just be rate and term and not cashout). Best is just go to the source as it is can change quickly and just be ready to adapt.
Keep after it!