HELOC using an Investment property as collateral?
1 Reply
Gary Onstad
Investor from Escondido, California
posted almost 3 years ago
I found a property I would like to purchase. I'm in the process of selling my home to fund owner occupy deals on multi family opportunities, but I'm not sure I will get to close of escrow in time to purchase the new place. I can't use my home as collateral on a HELOC while i'm selling it. Is it possible to get a quick HELOC loan using one or both of my investment properties as the collateral so I can have the down payment I need for the investment property? I think there is a lot of potential in this deal so I'm considering bringing in hard money or partners to fund it and rehab or add units. Any ideas are welcome.
Jeremy Taggart
Real Estate Agent from Pittsburgh, PA
replied almost 3 years ago
@Gary Onstad If you have enough equity in the investment props you should be able to get a HELOC might have to ask around some but should be able to nonetheless.