I am still relatively new to BP community but I am well aware of the value of continuing to chat and connect with like minded individuals.
I recently closed my 5th investment property a month ago and I am looking to see what my options are to secure further financing (extending my existing HELOC) to invest into my properties. (currently invested in Milton, Brampton, Mississauga & London x2)
My barrier right now is I have over $100-$150k in Equity of at least two of my rentals and I have pulled $60K from one of them a couple years ago. When I went back to the bank to get a HELOC on the other property that doesnt have a HELOC, it seems that Im at a point where I am highly leveraged and too much of a risk despite having a good salary, and consistent track record of rent that is cash flow positive.
Is there anything I can do to be creative to convince the bank to provide me with another HELOC? I have to option to add my dad as a co-signer on the HELOC but not sure if that will help or change anything. Are there specific tips that investors use when they are at this point in how they request the funds to make their application look more attractive to an A lender bank?
That's exactly where I stalled. After my 5th rental. You need to look for partners to bring in on a joint venture. You have credibility now because of your existing properties. I actually changed strategies and switched to Lease Options which didn't require any money or credit. I did 30 my first year.